Bitcoin’s $60,000 test is not over after Strategy’s $2.5B STRC backstop

A notable development has hit the crypto markets. Strategy's preferred stack and Bitcoin's price are facing two separate tests this week, and only one of them has been resolved. The company's Digital Credit Capital Framework centers on a $2. 55 billion dollar-denominated reserve, a revised STRC dividend policy, $2 billion in combined buybacks, and a board-authorized BTC monetization program.

MSTR rose roughly 6% in pre-market trading, and STRC climbed to about $81, still well off its $100 par value. The framework provides Strategy with a defined path to meet its dividend obligations without forced dilution or panic selling. Bitcoin broke below $60,000 again, with over 550,000 BTC moved toward Binance- and OKX-linked deposit addresses in the days leading up to the break, the largest such transfer since the 2023 bear market.

Market Dynamics

Related Reading Bitcoin’s $60K breakdown sets up a volatility shock as traders load up on downside hedges More than 550,000 BTC moved toward Binance and OKX-linked deposit addresses as options traders targeted downside protection. Jun 29, 2026 Oluwapelumi Adejumo Spot ETFs shed roughly 71,600 BTC over the prior month, a demand gap that a corporate buyback program has no mechanism to close. 55B Creates visible dividend and interest runway Does not create BTC spot demand Reserve coverage 17.

4 months Reduces panic around preferred obligations Still below the longer 26-month runway including monetization capacity Minimum reserve policy 12 months Gives investors a policy floor Does not eliminate need for future replenishment STRC dividend 12%, up from 11. 5% Supports preferred-holder confidence STRC still trades below $100 par Combined buybacks $2B Gives management tools to support securities Buybacks compete with reserve needs BTC monetization authority Up to $1. 25B Creates conditional liquidity source Formalizes BTC as a sellable treasury asset What Strategy fixed Strategy's $2.

55 billion-denominated reserve covers about 17. 4 months of the company's roughly $1. 76 billion in annual preferred dividend and interest obligations, with a board policy requiring at least 12 months' coverage.

Market Impact

The company raised STRC's dividend rate to 12% from 11. 5%, effective for record dates after July 1, and set a monthly review process tied to trading levels, credit spreads, Bitcoin price and volatility, and reserve coverage. Lacie Zhang, a research analyst at Bitget Wallet, said analysts had flagged that Strategy's cash reserves had shrunk to cover just 14 months of preferred dividend costs, with roughly $904 million in annual obligations against only about $150 million in software operating cash flow.

Zhang said: “The funding gap is structural, not temporary. Rebuilding reserves to $2. 55 billion and extending runway to 26 months buys time and restores credibility with preferred shareholders, particularly STRC holders who've watched the security trade 25% below its $100 par value.

” The program authorizes up to $1. 25 billion in BTC sales for three purposes: rebuilding the dollar reserve, funding preferred dividends and interest when management decides selling Bitcoin beats issuing new equity, and financing the buyback programs. Strategy holds 847,363 BTC at an aggregate purchase price of $64.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.