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Saylor: Bitcoin Unity Over Treasury Debate
22 Jun
Summary
- Saylor urges Bitcoiners to unite on core principles.
- Strategy pauses preferred share sales as STRC falls below par.
- Mallers criticizes perpetual preferred equity for long-term debt.
Michael Saylor urged Bitcoin advocates to prioritize unity on core principles, stating, "The opportunity is bigger than the argument." This call for cohesion comes amid ongoing discussions about Bitcoin treasury strategies, which have seen some high-profile executives divided. As of June 22, 2026, these debates continue, though Saylor believes the vast majority of global capital has yet to enter Bitcoin's network.
Concurrently, Strategy Inc. has paused its at-the-market sales of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The security has dropped below its $100 issuance par value, prompting the halt. SEC filings from the first two weeks of June 2026 showed zero STRC ATM issuance, indicating the program's suspension. STRC closed at $88.59 on June 18, 2026, and was trading at $88 on Friday, June 20, 2026.
The pressure on STRC has intensified the debate surrounding Bitcoin treasury funding. Twenty One Capital CEO Jack Mallers has previously argued that companies issuing perpetual preferred equity, like Strategy's STRC with its approximate 11.5% perpetual coupon, are committing to long-term debt obligations. Unlike convertible bonds, these perpetual preferred shares cannot be retired through equity conversion.
