SignalFixed Income
What Is Strategy (MSTR)? The Bitcoin Treasury Company
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Context
What happened: Strategy, formerly MicroStrategy, moved from software to a Bitcoin treasury model after adopting BTC as its primary reserve asset under chair Michael Saylor.
Why it matters: The STRC fall below $100 par in June 2026 exposed what analysts called a "structural crack" in the flywheel, cutting off a funding route used to buy Bitcoin. Strategy later redefined mNAV around "net Bitcoin per share," which put the shares at a premium on its own measure while the old measure showed a discount.
Coverage: 4 outlets in 24h
What changed
Strategy, formerly MicroStrategy, moved from software to a Bitcoin treasury model after adopting BTC as its primary reserve asset under chair Michael Saylor.
Why it matters
The STRC fall below $100 par in June 2026 exposed what analysts called a "structural crack" in the flywheel, cutting off a funding route used to buy Bitcoin. Strategy later redefined mNAV around "net Bitcoin per share," which put the shares at a premium on its own measure while the old measure showed a discount.
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Oct 20, 2026 10:07 PM ET