MicroStrategy Preferred Shares Fall to $82.50 on Quadrupled $1.2B Dividend Obligations
STRC•MicroStrategy’s variable-rate preferred shares slid to a record $82.50, 17.5% below par, after CryptoQuant flagged its $1.2B 2026 dividend obligations and a 38% drop in USD reserves. The company halted aggressive Bitcoin buys two weeks earlier, acquiring only 520 BTC and raising $335.5M via stock sales to rebuild cash.
1. CryptoQuant Urges Cash Rebuild
CryptoQuant urged MicroStrategy to pause Bitcoin purchases and rebuild its cash reserve, highlighting that the company’s 2026 annualized dividend obligations jumped to $1.2 billion while its US dollar reserve tumbled 38% year-to-date.
2. Company Pivoted Before Warning
Two weeks prior to the warning, MicroStrategy significantly reduced BTC acquisitions, purchasing just 520 coins (~$35 million) in the week of June 22, and raised $335.5 million through common stock sales, allocating $300 million to bolster its cash buffer to $1.4 billion.
3. Preferred Shares Hit Record Low
STRC variable-rate preferred shares plunged to $82.50 last week, marking a record 17.5% discount to par as dividend coverage fell from over seven years to roughly 14 months amid growing balance sheet strain.
