Strategy’s 31% valuation premium may be at risk: Fortune

cryptonews06-09 15:50

Strategy’s growing preferred stock obligations and reliance on Bitcoin-backed financing have increased the risk to common shareholders, while the company’s stock continues to trade about 31% above its...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStrategy’s 31% valuation premium may be at risk: Fortune\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-09 15:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://crypto.news/strategys-31-valuation-premium-may-be-at-risk-fortune/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Strategy’s growing preferred stock obligations and reliance on Bitcoin-backed financing have increased the risk to common shareholders, while the company’s stock continues to trade about 31% above its...</p>\n\n<a href=\"https://crypto.news/strategys-31-valuation-premium-may-be-at-risk-fortune/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4516","symbol_name":"特朗普概念","start_time":0,"source_url":"https://crypto.news/strategys-31-valuation-premium-may-be-at-risk-fortune/","article_id":"2642450038","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/strategys-31-valuation-premium-may-be-at-risk-fortune/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2642450038","pubTimestamp":1780991438,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"Strategy’s growing preferred stock obligations and reliance on Bitcoin-backed financing have increased the risk to common shareholders, while the company’s stock continues to trade about 31% above its estimated net asset value, according to a Fortune analysis.Fortune said Strategy’s stock is trading about 31% above its estimated net asset value despite growing debt and preferred stock obligations.The analysis warned that a Bitcoin decline could have an amplified effect on common shareholders because liabilities have risen to about $21.8 billion.Questions around dividend funding have persisted even after Strategy increased its cash reserves to $1 billion and resumed Bitcoin purchases.Based on the publication’s estimates, Strategy holds 844,000 Bitcoin valued at roughly $51.1 billion at a Bitcoin price of $60,500. Fortune also valued the company’s software business at around $1.5 billion and noted that Strategy holds approximately $1 billion in cash, placing the estimated value of its as","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4516":"特朗普概念","07799":"南方两倍做多MSTR","MST":"做多杠杆+收益MSTR ETF-Defiance","SMST":"2倍做空MSTR ETF-Defiance","BK4596":"哈里斯概念","MSII":"REX MSTR Growth & Income ETF","MSTR":"Strategy","BK4588":"碎股","WNTR":"做空MSTR期权收益策略ETF-YieldMax","3SMI.UK":"GRANITESHARES 3X SHORT MSTR DAILY ETP","BK4600":"加密货币概念","MSDD":"2倍做空MSTR ETF-GraniteShares","SMI3.UK":"GRANITESHARES 3X SHORT MSTR DAILY ETP","MSTP":"2倍做多MSTR ETF-GraniteShares","BK4595":"比特币概念","MSOO":"2倍上限加速MSTR ETF-Leverage Shares","3LMI.UK":"GRANITESHARES 3X LONG MSTR DAILY ETP","APED":"STKd 100% MSTR & 100% COIN ETF","MSTU":"2倍做多MSTR ETF-T-Rex","BK4023":"应用软件","09799":"南方两倍做多MSTR-U","IMST":"MSTR期权收益策略ETF-Bitwise","MSTW":"Roundhill MSTR WeeklyPay ETF","LMI3.UK":"GRANITESHARES 3X LONG MSTR DAILY ETP","MTYY":"GraniteShares YieldBOOST MSTR ETF","MSTK":"Tuttle Capital MSTR 0DTE Covered Call ETF","MSTX":"2倍做多MSTR ETF-Defiance","09399":"XI二南策略-U","BK4585":"ETF&股票定投概念","MSTY":"MSTR期权收益策略ETF-YieldMax","07399":"XI二南策略","MSTY.UK":"YIELDMAX MSTR OPTION INCOME STRATEGY ETC","MSTZ":"2倍做空MSTR ETF-T-Rex","MSST":"YieldMax MSTR Performance & Distribution Target 25 ETF"},"translate_title":"《财富》杂志：Strategy 31%的估值溢价可能面临风险","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"07399":0.6,"MSTY.UK":0.6,"SMI3.UK":0.6,"MSTY":0.6,"MSII":0.6,"09799":0.6,"MSST":0.6,"MSTK":0.6,"MSTZ":0.6,"MSTR":1.96,"3LMI.UK":0.6,"IMST":0.6,"MSDD":0.6,"MSTX":0.6,"APED":0.6,"MSOO":0.6,"MSTP":0.6,"WNTR":0.6,"MST":0.6,"09399":0.6,"3SMI.UK":0.6,"07799":0.6,"MSTW":0.6,"MSTU":0.6,"SMST":0.6,"MTYY":0.6,"LMI3.UK":0.6},"content_text":"Strategy’s growing preferred stock obligations and reliance on Bitcoin-backed financing have increased the risk to common shareholders, while the company’s stock continues to trade about 31% above its estimated net asset value, according to a Fortune analysis.\n\n\nSummary\n\n\n\nFortune said Strategy’s stock is trading about 31% above its estimated net asset value despite growing debt and preferred stock obligations.\nThe analysis warned that a Bitcoin decline could have an amplified effect on common shareholders because liabilities have risen to about $21.8 billion.\nQuestions around dividend funding have persisted even after Strategy increased its cash reserves to $1 billion and resumed Bitcoin purchases.\n\n\n\nFortune warned that the premium investors continue to assign to Strategy could come under pressure if Bitcoin declines further or if concerns around the company’s capital structure intensify.\nBased on the publication’s estimates, Strategy holds 844,000 Bitcoin valued at roughly $51.1 billion at a Bitcoin price of $60,500. Fortune also valued the company’s software business at around $1.5 billion and noted that Strategy holds approximately $1 billion in cash, placing the estimated value of its assets at about $53.6 billion.\nAfter accounting for roughly $6.2 billion in convertible debt and $15.5 billion in preferred stock obligations, Fortune calculated that common shareholders would be left with about $31.8 billion. Despite that figure, the company’s market capitalization stood near $41.6 billion on June 5, representing a premium of around 31% above the publication’s estimated net asset value.\nPreferred stock financing raises fresh questions\nCentral to Fortune’s concerns is Strategy’s growing use of preferred stock to fund Bitcoin purchases.\nThe report noted that the company’s combined debt and preferred stock obligations have climbed from roughly $6.9 billion in early 2025 to about $21.8 billion today. Most of that increase came from preferred stock issuances that have helped finance additional Bitcoin acquisitions.\nUnder a scenario in which Bitcoin falls to $50,000, Fortune estimated that Strategy’s net asset value could decline to roughly $23 billion, a drop that would have a larger effect on shareholders because liabilities remain fixed while the value of Bitcoin holdings fluctuates.\nAnother issue highlighted in the analysis involves dilution. Since launching its Bitcoin accumulation strategy in 2020, Strategy’s outstanding share count has risen from 98 million to 353 million, according to Fortune.\nRecent developments at the company have also drawn attention to how future obligations may be funded. \nAs previously reported by crypto.news, Strategy shareholders recently approved a proposal to change STRC preferred stock dividend payments from a monthly schedule to semi-monthly distributions. Payments will now be made on the 15th and final day of each month.\n\n$STRC and $MSTR shareholders have approved the amendment to move $STRC dividends from monthly to semi-monthly. Under the new cadence, the first record date is June 30 and the first payment date is July 15. Thank you to every shareholder who voted.https://t.co/98lMXWW4XF— Strategy (@Strategy) June 8, 2026\n\n“Paying dividends on STRC twice a month is designed to stabilize price, dampen cyclicality, drive liquidity, and grow demand for STRC, while giving STRC holders faster reinvestment opportunity.” Phong Le, President and Chief Executive Officer, said at the time.\nMeanwhile, Strategy has also increased its cash reserve by $100 million, bringing total dollar reserves to $1 billion. The company also resumed Bitcoin purchases, acquiring 1,550 BTC worth approximately $101.3 million between June 1 and June 7 and lifting its total holdings to 845,256 BTC.\nThose cash reserves became a point of discussion after Strategy disclosed the sale of 32 Bitcoin for roughly $2.5 million near the end of May, its first reported Bitcoin sale since December 2022.\nConcerns remain\nIn research previously covered by crypto.news, JPMorgan said the transaction appeared largely symbolic and likely served to demonstrate flexibility toward preferred shareholders. The bank nevertheless cautioned that future dividend commitments could raise questions about funding if reserves are depleted.\nFortune expressed a similar concern, arguing that annual preferred stock dividend obligations now total about $1.5 billion. According to the publication, continued reliance on new preferred stock issuances to meet those commitments could place additional pressure on the company’s financial structure.\nNot all observers agree that Strategy faces significant risk. Following JPMorgan’s report, BTCTOP CEO Jiang Zhuoer argued that the company’s leverage would remain manageable even if Bitcoin dropped to $30,000. \nJiang also said large Bitcoin sales would undermine Strategy’s identity as a long-term holder and suggested the company could use older low-cost holdings to meet obligations while continuing to accumulate Bitcoin through new capital raises.\n\n\n\n\n\n                Read more:\n            \n\n                Metaplanet weighs stock repurchases after mNAV falls to 0.92x","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2642450038","isCrawlerRequest":true}