---
title: 'Michael Saylor just changed the playbook'
source: 'https://youtube.com/watch?v=luSkKIPu8VU'
video_id: 'luSkKIPu8VU'
date: 2026-06-30
duration_sec: 894
---

# Michael Saylor just changed the playbook

> Source: [Michael Saylor just changed the playbook](https://youtube.com/watch?v=luSkKIPu8VU)

## Summary

The video analyzes Strategy's (formerly MicroStrategy) major strategic shift from a single-minded Bitcoin buying strategy to a multi-tool capital framework. It covers the new components including a BTC monetization program, dividend increases, and buyback authorizations, while also discussing broader market trends like Bitcoin ETF outflows, BIS warnings on stablecoins, and Japan's crypto consolidation.

### Key Points

- **New Framework Announced** [01:34] — Strategy announced a new digital credit, capital framework, USD reserve policy, STRK dividend policy, digital credit and MSTR repurchase authorizations, and a BTC monetization program.
- **STRK Dividend Increase** [02:34] — STRK dividend raised to 12% from 11.5% effective July 1st.
- **BTC Monetization Program** [02:48] — Board authorized selling Bitcoin under specified conditions up to $1.25 billion to fund a cash reserve plus more for dividends and buybacks.
- **USD Reserve and Coverage** [03:49] — Strategy has $2.55 billion in USD reserves, covering 17.4 months of dividend and interest coverage at current prices.
- **MNAV Below 1** [05:24] — MNAV for MSTR dropped below 1, with some calculations showing 0.58 or 0.99, making it dilutive to buy more Bitcoin by selling common stock.
- **Bitcoin ETF Outflows** [07:02] — Bitcoin ETFs set for worst month with $4 billion in outflows in June.
- **BIS Warning on Stablecoins** [08:53] — BIS warned stablecoins are more like ETFs than actual money, creating FX risk, and that they don't settle on central bank balance sheets.
- **Japan Crypto Consolidation** [12:11] — SBI paid 8 times revenue for Bitbank, which does not make money, to secure a regulated crypto exchange in Japan.
- **Historical Seasonality** [13:22] — Historically, every red June for Bitcoin has been followed by a green July.

## Transcript

The biggest Bitcoin holder on the planet strategy just entirely wrote its rulebook. Now, they spent years doing one thing, raising cash to buy Bitcoin, but now they have an entirely new toolkit and framework announced today.
We're going to talk about that, some words from the BIS, the central bank of central banks, some news from Japan, and a little hope from the charts. Let's go. What is up everybody? Welcome to the daily wolf on Yahoo Finance. I'm your host, Scott
Melcher, also known as the wolf of all streets. We're going to spend the next 15 minutes digging through a weekend's worth of news and markets to figure out what is signal and what is noise.
Now I just had a long conversation this morning on my YouTube channel on macro Monday with Peter Schiff and I got the full bear case on Bitcoin and strategy. Of course, there was much debate, definitely worth revisiting and watching if you want as we had two of the biggest
bears on Bitcoin there. But even in that conversation, we were unable to fully unpack exactly what is happening with strategy, which I will attempt to do now. So first, I'm going to show you this one image. This was yesterday. We've gotten very accustomed to Michael Sailor drawing new orange dots
on his chart and tweeting on Sundays about another Bitcoin buy. This time he said, we're going to need more charts. Now everybody assumed that meant he was going to buy more Bitcoin. That was not the case. He was actually telling you that we're going to have a whole lot of new things that we're going to
have to actually chart, right? And what happened today was instead of announcing a buy, they put out basically a new framework entirely. I'll show it to you right here. Strategy announced his digital credit, capital framework, USD reserve policy,
SDRC dividend policy, digital credit and MSTR repurchase authorizations and BTC monetization program. That is a mouthful. Try to say it five times fast. Go ahead. You can do it. Anyways, while
you're doing that at home, we're going to talk about what happened here. So for a few decades, the only verb, obviously, its strategy was buy. Today they added a few more to the manual. We got reserve repurchase and if necessary sale. So it turns out there were other pages in the playbook.
Right. And they have to be. This is what the market was looking for. And initially actually we saw some nice buying on MSTR and SDRC. So let's break this down. So first, as expected, and I told you to look for this next week when we did a summary of what was coming on Friday, SDRC dividend raised
to 12% from 11.5% effective for July first record dates. This move comes after SDRC obviously traded below par down into the low 70s. Interestingly, strategy said that they won't necessarily adjust
the rate just based on SDRC trading below par. So the next big piece here is the BTC monetization program. The board authorized selling Bitcoin under specified conditions up to 1.25 billion
to fund a cash reserve plus more for dividends and buybacks because they could technically sell a bit more, but there's no obligation to sell any BTC. So of course, the headlines you're seeing is micro strategy will sell 1.25 billion in BTC. The board approved up to 1.25 billion under circumstances,
certain circumstances, if they need to boost up their USD reserve. So just make sure that you're very clear on that headline. We know that micro strategy or strategy already could sell Bitcoin if they wanted to. This is just the board voting on a specific amount. So they have two billion dollar
potential buyback programs, one for their preferred SDRC first, when buying below face value is a creative. Only if it will be a creative to MSTR shareholders and a billion dollars for MSTR common
if it will be a creative. And this is more interesting to have a cushion. They said they have 2.55 billion in USD reserves right now, which is 17.4 months of dividend and interest coverage at current prices,
2.25.9 months counting the authorized Bitcoin sale capacity. So their floor policy now is that they will always have at least 12 months of runway to pay. So there's a lot to unpack your right.
They're saying that they're going to have a robust cash reserve when their policy used to be any cash they raise immediately went into Bitcoin regardless of the price, but they're raising the cash reserve as the market wants to see. And I discussed with Fong Lee just a couple of
Fridays ago here on this show. And interestingly, they would be willing to sell some Bitcoin to do it. Now that 2.55 billion USD reserve that had a little head scratching for me.
They don't have that much. They have 1.3 billion ish. I think in cash, maybe 1.7. They've added to it a bit, but they're calling certain things cash equivalent that are highly liquid and they would be able to sell quickly. So that is fine. So the story here is not will strategy sell Bitcoin to raise
a cash reserve or to defend MSTR's price or to defend STRC. I think the bigger story that the market sniffing out that I've been talking about for weeks is will strategy be able to buy Bitcoin
in the current environment? And were they the only major buyer that was even in the market? I think that that is a valid and huge question. And one that will get an answer as we see price
action advance here into the future. Now notably, we also had the MNAV by almost any calculation for MSTR now dropping below one. Depending on how you do it, some people had a .58, a massive discount.
But if you count the preferred and all the convertible notes and such, some people now putting it at .99 meaning that right now it would be definitely dilutive and probably a bad idea to buy more
Bitcoin by selling the common and the flywheel might be temporarily turned off. Now I can't let the day pass without re-showing this meme because I had told you in the past when STRC was cooking
that Michael Saylor was basically megamade from Spaceballs and he was had a huge vacuum cleaner and was sucking up all the Bitcoin. But I've also showed you this one in the past, especially when he sold that megamade can go from suck to blow. And this is how the market seems to be reacting
to everything that Saylor and strategy do right now, even after he sold a measly 32 Bitcoin. Listen, there's obviously pressure here. I believe that strategy right now is doing what they
believe the market needs to see to give renewed confidence in the capital structure and only time will tell. I will tell you that it backed off some of the bears in the timeline on X that some people who've been highly critical said I'm pretty impressed with this. This makes a lot of sense
there being responsible. So we'll see. As I said, my bigger fear is that we find out that strategy was the only major buyer in the market and that we could see very little demand if we see a major
uptick again in selling. And to that end, we have the next story here. Bitcoin ETF set for worse month with four billion dollars in outflow. So while we see strategy potentially selling or
certainly not buying, we also have massive buying in the market. But that's not really the story. The full story is South Korea's 518 billion AI chip push shows crypto is still losing the capital
race. Now, we don't need to get specifically into Samsung and SK high nicks again, but I will tell you that there are a lot of pundits and analysts who continue to point out the fact that the biggest headwind for crypto is that people are more interested in other things. And right now,
that's obviously in chips and AI, which have really become the hot ball of money that many believe has taken the shine off of crypto at the moment. But I mean, zooming back out to that other story,
four billion in June, we know that there was a 6.4 billion dollar run for about two weeks. So I haven't seen the updated number, but I've got to imagine over the last two months that the number is far, far, far higher. So, you know, listen, I mean, the fact is the bullish narrative for crypto
for very long time here has been the institutions are coming. The institutions are buying. It turns out the institutions went and bought Nvidia, right? So unfortunately, you know, we thought that the riskiest thing in our portfolio would be crypto and would have massive upside. It turns out that
the riskiest thing now is just being deep by a graphics card, right? But I think that this two shall settle down. Listen, all of this bearish euphoria against Bitcoin, as I've been saying for weeks,
as we continue to trade in the 60ish thousand region, it could, of course, break down. But it looks like that bearish euphoria, fear and greed, a lot of things pointing to at least having some sideways and bottoming action for quite a while. Now, this next story, I find this one really, really,
really interesting and kind of funny when you think about it. So there you go. BIS warns, stable coins, are more like ETFs than actual money and they're creating FX risk. BIS latest annual report dives
into stable coins and AI trends. So listen, if you don't know, the BIS is they are the central bank of central banks. So if you hate central bankers, these are the guys that you can really point a figure at and just scream, right? Because they're the absolute worst. But we've been telling you stories
for months about the fear of central banks surrounding stable coins. And now they've come up with a new and novel and nonsensical and by highly, highly biased opinion narrative here. So they're
saying that they're more like ETFs than actual money and they're creating FX risk. So what they said is stable coins show redemption frictions, which we've literally never seen and trade off par, which we've not really seen with Tether or USDC for more than a day or two. And so they resemble
more like ETF shares. They're not a means of payment. They don't settle on central bank balance sheets and can't guarantee par across issuers. So just read those lines, eliminate a few keywords,
chop off a few things. They don't settle on central bank balance sheets. That's all they're saying. They're saying, it can't be real money unless it goes through our system and we have control of it. And we've been telling you about this for months, stable coins exist outside the system and therefore
our major threat to the system. I told you a few weeks ago, probably months ago at this point how Brazil was getting rid of cross-border transactions with stable coins because people were just not using Brazil system. They were just sending stable coins because it's a better, faster and cheaper technology.
And so if you really want to read between the lines, you go on to the next part where they had the bigger warning. Dollar stable coins are accelerating, dollarization and fragile economies, weakening local currencies and dodging capital controls because they can't enforce border
rules on a self-custodied token. There it is. So the BIS, they would rather have someone be forced to use their own hyperinflating currency and be a victim of inflation and struggle on the hamster wheel
and eventually end up broke through systemic inflation than to be able to use a dollar and exit that system, even though they know that for that person it's better. Now if you are in Venezuela,
do you think that you want to use Venezuela in currency or a stable coin that is not going to lose 50% of its value before you head to the store to buy bread? The BIS is scared here. Central banks know
that stable coins are going to replace them and they fear that that will hyper-dollarize the world and eliminate those smaller currencies. There's real fear there because that's exactly what is going to happen, but when it comes from the central bank for central banks saying out loud that they're
not valid because they don't go through the central bank system, you know exactly what this is and that is fear of being replaced. Now the next story is a really interesting one. We have SBI's 289 million to Bitbank deal is systematic of Japan's crypto consolidation. So SBI here paid
eight times revenue for an exchange that literally does not make money. So this is like, you know, I don't think any surprises here that this shows you exactly what is happening, which is that SBI's
crypto-customity is being doubled and they will do that at any cost because of the way that legislation and regulation are now changing in Japan. They're basically betting on anything
regulated, fitting into the new digital asset market framework and therefore needing to participate. So having a massive consolidation here of entities in Japan at any price. Now I've told you about
their new tax regime. Japan really seems to be getting it together here in a favorable environment for crypto and all the incumbents are scrambling to get their piece of this, but very interesting that they would wildly overpay for this just to have something that is regulated as a bank and to make
sure that they can participate. Now the last story I have here right now is just a tiny little bit of hope. You can see on this chart Bitcoin monthly returns every time we have had a red June ever
in history. We've had a green July has to happen this time, right? You can see especially a lot of people point out that every time we've had two red June's or three red June's we also always have
a green July, but those people seem to miss the fact that it's literally always green in July if there is a red June seasonality is playing in our favor. I would say obviously that the situation is different every time you have a very small statistical set to draw firm right here. So hard to get
too excited, but if you were looking for a tiny, tiny little bit of a sliver of hopeium it should be a good month. Now when you add this to as I said before, the negative sentiment that we have around
the entire industry, the fact that people are so bearish on strategy, but they've now laid out a playbook that actually makes a lot of sense. The fact that we now we have broken down below the 200 MA,
but we've rarely stayed there for very long. So Bitcoin in a bottoming area and a number of other things I've showed you in the argument, this could be the time to start to get interested when people
hate us the most. It's going to be interesting to see what happens. I'm very curious to see what happens with strategy, MSTR stock and STRC throughout the week, as people digest this entirely new
playbook, and we're going to probably continue to see outflows for a while in the ETFs, and that will be a normal story. That's all we have for today. See you tomorrow.