Strategy, the Nasdaq-listed company that built its identity around holding bitcoin, is leaning into reassurance mode as its stock sinks and losses mount. CEO Phong Le told shareholders the firm would "get through this bear market," comparing the current downturn to the company's rough stretch in 2022 and framing Strategy's role as something closer to institutional infrastructure than a leveraged bitcoin bet.
Le went as far as to describe Strategy as "the J.P. Morgan of the crypto economy," a characterization aimed at reassuring investors that the company can absorb macro turbulence the way a diversified financial institution would, rather than being purely at the mercy of bitcoin's price swings.
A rare sale breaks an unbroken buying streak
The reassurance comes days after Strategy sold 1,638 bitcoins for approximately $104.7 million, using part of the proceeds to repurchase 912,143 shares of its STRC preferred stock for $81.2 million. The move is notable because Strategy has built its reputation since August 2020 on a near-relentless accumulation strategy; the company has now paused new bitcoin purchases for six weeks, one of its longer buying pauses to date.
Despite the sale, Strategy remains by far the largest corporate holder of bitcoin, with 842,138 coins on its balance sheet worth an estimated $53.8 billion at current prices. The company reported an $8.22 billion loss for the second quarter of 2026, a figure driven largely by accounting treatment of its bitcoin holdings rather than operating performance.
Stock under pressure
MSTR shares have fallen nearly 40% year-to-date and sit nearly 80% below their November 2024 peak of roughly $474. The slide has raised fresh questions about the sustainability of Strategy's model of raising capital against its bitcoin stack, particularly if bitcoin's price stays depressed for an extended stretch.
Related: Strategy Kembali Borong Bitcoin, tapi Pasar Masih Diguyur Aksi Jual
Le's comments suggest the company has no intention of abandoning its core strategy despite the pause, framing the current sale and buyback as balance-sheet management rather than a change in conviction. Whether that reassurance holds will likely depend on where bitcoin trades over the coming months.
