Benchmark Equity Research reaffirmed its buy rating on Strategy and kept its $570 price target, while Adam Back argued bearish commentary on Strategy and its STRC preferred shares was not supported by the facts. At the same time, Strategy sold about 2.71 million MSTR shares between June 15 and June 21, raised $335.5 million, directed $300 million to its U.S. dollar reserve, and used $34.9 million to buy 520 Bitcoin, lifting holdings to 847,363 BTC. The move increased the cash reserve to about $1.4 billion and reflected a shift away from preferred-share issuance after STRC fell well below its $100 stated value, making that market a less efficient funding source. Benchmark said the selloff looked like repricing rather than structural weakness, citing Strategy’s bitcoin holdings, liquidity structure, variable dividend, and cash position, while the smaller Bitcoin purchase suggested STRC stress could slow one of the market’s largest institutional sources of Bitcoin demand.