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Analyst Blasts Strategy After CEO Signals New Priority Beyond Bitcoin

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It was precisely six years ago when a rather unknown company in the cryptocurrency industry at the time made a revolutionary change to its asset reserve strategy and adopted Bitcoin. The entity in question, called MicroStrategy back then, started to accumulate BTC en masse and only accelerated its purchases after the 2024 presidential elections in the US.

The community became accustomed to hearing about new acquisitions made by the company, some of which were worth billions of dollars. Its total stash grew exponentially and currently sits at 843,775 units. Within this timeframe, BTC bulls consistently heard that the company (and its former CEO) would never sell… until they did. And then everything changed.

During the most recent earnings call, the company hinted that it has plans to sell up to $5 billion in bitcoin, which is significantly higher than the previously claimed $1.25 billion.

The Latest Shift

Strategy (as it is called now) has gone five consecutive weeks without purchasing BTC, marking its longest acquisition pause in years. Instead of deploying capital into BTC, the firm has steadily increased its cash reserve through recent fundraising activities. As we previously 报告, Strategy has been rebuilding its USD position while continuing to explore financial options tied to its expanding portfolio of preferred stock offerings.

In the most recent official change, CEO Phong Le took to X to announce the company’s new primary corporate objective, which reads:

“Our corporate objective is for STRC to trade at $99-$100 over time.”

In the earnings call, he was more specific:

“Our intent is to sell bitcoin for three reasons when we think it’s appropriate for the company. One, fund the U.S. dollar reserve up to $1.25 billion. Additional reasons include funding dividend and interest payments of $1.76 billion a year and funding up to $2 billion in common and preferred stock repurchases,” Le said, according to a FactSet transcript.

The tweet and comments garnered immediate reactions from some well-known industry commentators as well as constant critic Peter Schiff, who was quick to determine that: “In other words, common shareholders are screwed.”

Crypto Kaleo, though, a popular analyst who recently argued that Strategy would have to sell at least 50,000 BTC in the next couple of years to fund dividend payments, wasn’t so kind. In one tweet, he ironically asked whether the CEO remembers when the company’s primary corporate objective was to increase Bitcoin per share before adding: “It was only two months ago, so shouldn’t be difficult!”

In another post, though, he brought the bashing to a higher level, claiming that Strategy is no longer a BTC company. Instead, it operates as a credit company, and its credit rating is “atrocious.”

The comments below his post were split. Some agreed that Strategy is increasingly resembling a leveraged financial organization rather than a straightforward BTC holding company. Others defended the firm’s approach, noting that maintaining confidence in STRC is essential if Strategy wants to continue raising capital efficiently and safely for future crypto purchases.

STRC Matters

The Saylor-co-founded company launched STRC as part of its growing suite of preferred stock offerings designed to finance its long-term BTC accumulation strategy. However, it needs to trade at its par price of $100 to function properly, and it hasn’t been able to for months. It dumped below $75 at one point, before the company shifted its focus to rebuilding its USD reserve. It has since recovered to almost $90.

As such, some investors view Le’s comments as a tactical, short-term objective rather than believing Strategy has abandoned its Bitcoin-focused vision. Still, the timing has fueled questions about the firm’s evolving identity and strategy, especially given the ongoing market uncertainty.

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