Chaitanya Jain
@CJ_Bitcoin
Bitcoin at @Strategy | Ex-Private Equity @Blackstone | MBA @HarvardHBS | Ex-Pres. HBS Bitcoin Club | Mechanical Engg. @iitbombay @iitb_moodi
1.2K Following 20.1K Followers
4/ Continued capital-market access.
Strategy raised $21B across common and preferred equity from January through August 2026, with capital raised every month.
More liquidity. Less debt. Continued funding access.
Any rating upgrade remains S&P’s decision.
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3/ Less debt. Significantly less net debt.
Since Q3 2025, convertible debt fell from $8.21B to $6.71B. Net debt fell from $8.16B to $174M as of September 7, 2026.
2/ Stronger USD liquidity.
Strategy’s dollar liquidity grew from $54M at September 30, 2025 to $6.54B at September 7, 2026.
~4 years of capacity to fund interest and preferred dividends without relying on bitcoin sales.
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1/ On December 16, 2025, S&P affirmed @Strategy’s B− / Stable rating.
Its upside scenario highlighted USD liquidity well above 12 months of payments, less convertible debt, and strong capital access through bitcoin stress.
Here’s what has changed.
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Bitcoin treasury leadership isn’t built overnight. $MSTR
Our corporate objective is for $STRC to trade over time at $99-$100.
However, it can outperform money markets even with a below-par exit. This sensitivity shows annualized after-tax returns across 6-, 9- and 12-month holding periods.
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We’re not traders. We don’t speculate or try to time the market. We don’t do technical analysis or draw lines on charts.
bitcoin:native is going up forever. There’s only one @Strategy. Buy and hodl.
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Our dividend coverage now stands at 1.8 years through our USD Reserve and 31 years through our $BTC Reserve.
We now have 20.4 months of dividend coverage through our USD Reserve. $STRC
Price to Book (P/B) of any equity trades >1x when the expected Return on Equity (ROE) is greater than the Cost of Equity.
The ROE of Bitcoin Treasury Companies can be greater than $BTC ARR, if the cost of leverage is lower than $BTC ARR. This is how leverage works for purchasing any asset.
GBTC had no ability to take on leverage. It didn't have optionality with its capital structure or operations. Plus, it had a drag from its management fees.
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@parkeralewis I agree with your math, but I think its incomplete without a sensitivity analysis. Common stock investors expect $BTC appreciation to exceed the cost of preferreds, which causes NAV/share to outperform $BTC over time. The premium reflects those future expectations.
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