Strategy Can Pay Dividends for 10 Months, But Investors Lose Trust

Michael Saylor's company, Strategy (stock symbol: MSTR), is facing a crisis of confidence — not because it's running out of money, but because investors no longer trust its plans.

Strategy is a company famous for buying huge amounts of Bitcoin (the world's biggest cryptocurrency) instead of holding regular cash. Lately, both its stock and a special type of share it created have been falling hard.

Here are the key numbers:

• MSTR stock dropped 8% to $86 — its lowest level since February 2024.
• STRC (a special 'preferred stock' meant to stay near a $100 value) fell to $75 — a 25% discount below its target price.
• Strategy still has enough US dollars to pay dividends (regular cash payments to shareholders) for about 10 months.

The good news first: the company is NOT about to collapse. It has enough money saved to comfortably keep paying its dividends for nearly a year. The current low prices do not put those payments at risk.

The bad news is about trust. Alexander Blume, CEO of investment firm Two Prime, says Strategy keeps changing its plans. Combined with the poor performance of its stocks, these shifts have damaged confidence among retail investors (everyday people who invest small amounts, not big banks or funds).

There's also a worrying signal in a measure called mNAV (a way to compare a company's total value to the worth of the assets it owns). For Strategy, this number has fallen to just 1.05 — meaning the stock is now valued almost exactly the same as the Bitcoin it holds. In the past, investors happily paid much more, betting on big future gains. That extra confidence, or 'premium,' has nearly vanished.

The bottom line: Strategy isn't in danger of going broke right now, but the falling prices show that ordinary investors are losing faith in Michael Saylor's ever-changing Bitcoin strategy.

This is an AI-generated summary. Read the original article at: https://www.coindesk.com/markets/2026/06/25/michael-saylor-s-broken-promises-have-shattered-strategy-investor-trust-says-tw-prime-ceo