Saylor's STRC Strategy Under Fire as Bitcoin Holdings Come Under Scrutiny

Michael Saylor's Bitcoin strategy has come under scrutiny as STRC, a yield-bearing security tied to this approach, has fallen below its face value of $100. According to CoinDesk, STRC currently holds 847,363 bitcoins, with an average purchase price of approximately $75,646 since August 2020. This totals around $53 billion in value.

The company's cash reserves have declined by 38% since early 2026, and its annual dividend commitment has risen to about $1.2 billion. Critics argue that the strategy should prioritize rebuilding cash reserves rather than continuing Bitcoin purchases. Julio Moreno, Head of Research at CryptoQuant, believes Strategy should pause further Bitcoin accumulation and focus on replenishing funds.

Supporters of Saylor's approach, however, remain optimistic. CEO Samson Mow expects STRC to return to its par value within a few weeks. The disagreement centers around whether the company should slow down its Bitcoin purchases to address cash and dividend pressures first.