STRC’s market-to-net-asset-value ratio dropped below 1 for the first time ever, undermining the premium that funded its Bitcoin acquisitions. Founder Michael Saylor signaled additional Bitcoin purchases even as U.S. spot Bitcoin ETFs endured a record $1.7 billion weekly outflow and Bitcoin slid about 19% in June.
Bitcoin declined nearly 19% in June, marking its worst monthly performance since June 2022, as U.S. spot Bitcoin ETFs recorded a record $1.7 billion weekly outflow. This seventh consecutive week of net withdrawals highlights sustained institutional selling pressure, dragging prices briefly below $58,200 before a modest recovery near $60,000.
STRC’s market-to-net-asset-value ratio slipped below 1 for the first time, signaling that the market no longer values its shares above the Bitcoin on its balance sheet. The loss of this premium constrains the company’s ability to issue equity to fund further Bitcoin acquisitions, putting its financing model under fresh strain.
Founder Michael Saylor posted his trademark “we’re gonna need more charts” message, indicating plans for additional Bitcoin buys despite the premium erosion. Questions remain over STRC’s capacity to maintain dividend obligations and raise capital without liquidating its Bitcoin holdings, intensifying scrutiny of its long-term strategy.
