Strategy, the largest corporate holder of bitcoin, increased its bitcoin holdings by 10 percent over the past three months to a total of 843,775 BTC. As controversy continues over some bitcoin sales, the company is moving to actively defend a new treasury strategy by highlighting growth in its assets and cash.

On July 8, blockchain media outlet U.Today reported that Strategy CEO Phong Le (퐁 리) said the company's bitcoin holdings rose about 10 percent from April 6 to July 6, reaching 843,775 BTC. Over the same period, its dollar reserves increased 13 percent to $2.55 billion. The company also said its year-to-date bitcoin yield rose to 7.8 percent from 3.7 percent, more than doubling.

Phong Le said on social media, "Over three months, we expanded bitcoin holdings to 843,775 BTC, and increased dollar reserves to $2.55 billion." He added, "The year-to-date bitcoin strategy yield also rose to 7.8 percent."

The disclosure comes as market debate grows over how Strategy manages its bitcoin. The company recently sold some bitcoin to secure funds for preferred dividend payments, drawing criticism that it may be changing course from its previous 'buy-and-hold no matter what' strategy.

In response, the company stressed that its bitcoin holdings are instead steadily increasing and that its cash buffer is also expanding. It said that despite some sales, its overall asset scale continues to grow.

Founder Michael Saylor (마이클 세일러) described the change as a concept of a "new capital structure". Saylor said Strategy is no longer simply a company that buys and holds bitcoin, and he distinguished that "bitcoin is Digital Capital, STRC is Digital Credit, and MSTR common stock is Equity Capital."

He said, "Each investor wants different financial instruments, but the strategy is one," and added that "bitcoin sales for specific purposes are also part of managing the balance sheet." He said the framework is evolving to manage direct bitcoin holdings, preferred stock and common stock as separate financial products.

Market assessments are mixed. The stock market showed a relatively positive response. Over the first 8 trading sessions in July, Strategy (MSTR) shares rose about 9.4 percent.

By contrast, debt-like products issued by the company remain weak. STRC is trading at $86.56, well below its $100 par value, while STRD is trading at about $61.68.

This shows that stock investors and investors in bond-like products are evaluating Strategy's new bitcoin management strategy differently. The stock market is focusing on expanding bitcoin holdings and asset growth, while bond investors are seen as reacting more sensitively to future cash flow and the sustainability of dividends.

Strategy is emphasising the sustainability of its strategy, citing record bitcoin holdings and increased cash reserves. It added that whether the new approach, which allows some bitcoin sales, can win market trust over the long term will be tested by debt product prices and results of additional fundraising.