MicroStrategy announced a Digital Credit Capital Framework on June 29, 2026, that equips the company to treat Bitcoin as a flexible capital resource rather than a static holding.

The plan centers on a $1.25 billion Bitcoin monetization program and $2 billion in repurchase authorizations across its preferred securities and common stock. This marks a deliberate evolution in how the company manages its Bitcoin treasury and related liabilities. Strategy’s MSTR stock surged almost 7% pre-market following the news.

MicroStrategy Shifts to Bitcoin Capital Manager With $1.25 Billion Monetization Plan

MicroStrategy raised its USD Reserve to $2.55 billion as of June 28, 2026. The reserve is designated solely for preferred stock dividends and interest expense and is subject to a Board policy requiring a minimum of 12 months coverage.

At current run-rates of roughly $1.76 billion annually for those obligations, the $2.55 billion provides approximately 17.4 months of coverage.

The company stated it can replenish the reserve through the new monetization program or capital markets activity when needed.

“Strategy expects to remain disciplined in its use of MSTR issuance, particularly when the stock trades at or near 1x mNAV,” read an excerpt in the announcement.

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Monetization and Repurchase Tools

The Board approved a Bitcoin Monetization Program allowing sales of up to $1.25 billion in BTC specifically to build or replenish the USD Reserve.

Additional sales can support dividend and interest payments or fund repurchases when management views them as more advantageous than equity issuance.

Separately, Strategy authorized up to $1 billion in repurchases of its Digital Credit preferred securities and up to $1 billion for its Class A common stock.

These programs are designed for execution during market dislocations and will not draw from the USD Reserve.

Dividend Adjustment and Issuance Discipline

MicroStrategy increased the regular dividend rate on its Variable Rate Series A Perpetual Stretch Preferred Stock to 12.00% effective for record dates beginning July 1, 2026.

Management indicated it will review the rate monthly, with the objective of supporting trading near the $100 stated amount.

The company also committed to greater discipline in issuing common stock, particularly when trading near or below 1x modified net asset value.

Structural Shift in Capital Management

Strategy has maintained a Bitcoin treasury strategy for years, initially funded through equity and later expanded with preferred stock issuances branded as Digital Credit.

The June 29 framework adds explicit mechanisms for liability optimization and selective asset monetization while maintaining the long-term Bitcoin holding mandate.

The combination of a protected cash reserve, targeted monetization limits, and repurchase authorizations gives the company levers to adjust its capital structure in response to market conditions without defaulting to new equity raises.

What’s Next?

Strategy said it will disclose material monetization activity and related balance sheet updates through standard 8-K filings.

Market participants will track execution of the repurchase programs and any adjustments to the $STRC dividend rate in the coming months.

The framework provides a structured path for managing Bitcoin-linked obligations while preserving the core treasury position.

Источник: BeInCrypto