Saylor Defends Strategy’s Bitcoin Plan as STRC Drop Spurs Fraud Claims and Cash-Flow Critiques

Michael Saylor defended Strategy’s Bitcoin-backed capital strategy after renewed scrutiny over how the company finances additional BTC buys and its use of preferred stock, saying Strategy did not sell any BTC even in periods when debt exceeded its BTC and USD reserves, according to reporting on his remarks ^{[1] [2]}.

The debate also centers on Strategy’s STRC preferred stock performance. Multiple outlets reported that STRC fell below its $100 par value, prompting fresh fraud claims and counterarguments from Saylor, while other analysis framed the issue as a cash-flow risk rather than a Bitcoin-specific problem ^{[2] [3]}.

Separately, another report described Strategy’s balance sheet turnaround, citing holdings and leverage figures: Strategy reportedly holds 847,000 BTC (valued around $54B) and that BTC holdings exceed debt by roughly $48B, while also noting analysts’ attention on the current BTC trading level as a potential decision point ^[4].

Strategy’s defenders and critics are disputing whether the company’s key risks stem from Bitcoin price exposure or from its preferred-stock structure and resulting cash-flow dynamics, as reflected in competing analyses and responses from Saylor ^{[2] [3]}.