Strategy unveils credit framework, $1.25B Bitcoin sales

Strategy, the company formerly known as MicroStrategy, unveiled a comprehensive new capital management framework on Monday, June 29, 2026, aimed at bolstering its financial stability and supporting its preferred securities while maintaining its long-term Bitcoin holdings. The announcement, detailed in a filing with the U.S. Securities and Exchange Commission, prompted a positive market reaction, with the company’s MSTR shares rising in premarket trading.

The newly launched Digital Credit Capital Framework formalizes several key initiatives. It establishes a board-approved policy for a U.S. dollar reserve, which the company reported stood at approximately $2.55 billion as of June 28. This cash reserve is restricted for use only on preferred stock dividend payments and interest on outstanding debt. The company stated the current reserve provides about 17.4 months of coverage for those annual obligations, which are estimated at $1.76 billion. The board also set a minimum reserve requirement equal to at least 12 months of coverage.

A central component of the framework is a newly authorized Bitcoin Monetization Program. Under this program, Strategy may sell Bitcoin to generate up to...