Strategy now holds 845k bitcoin or 4% of total supply

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• STRC's total shareholder return from October 2025 (when Bitcoin peaked) through June 2026 is +4%, despite Bitcoin falling 50% in the same period, due to 11.5% dividend income more than offsetting the ~4% price decline.

  60% confidence

• Perpetual preferred capital is the ideal structure for Bitcoin investment: it is non-dilutive, carries no maturity or duration risk, and is superior to convertible bonds (3-8 year maturity) and straight equity (immediately dilutive).

  60% confidence

• Strategy's annual dividend obligation of $1.7 billion is effectively low-risk given that its equity trades approximately $2.7 billion per day — meaning only ~4 hours of full daily trading volume would cover the full year of dividends.

  60% confidence

• Strategy's 32 BTC sale was not a forced sale to cover dividends; it was pre-planned for three purposes: market inoculation, process testing, and future tax loss harvesting. If it were to cover dividends, they would have sold far more than $2.5 million.

  60% confidence

• STRC is a preferred equity instrument, not debt or a money market substitute; it is designed to trade within a tight range around par ($99–$101) but will deviate at times, as any equity can.

  60% confidence

• STRC offers an 11.5% tax-deferred cash dividend yield paid twice monthly, with Bitcoin collateral 4-5x overcollateralized, making it an unprecedented product in fixed income markets.

  60% confidence

• 9 out of 10 people at mainstream events do not understand Bitcoin's bull case; Strategy's preferred instruments give those investors access to Bitcoin exposure they would not otherwise pursue.

  60% confidence

• Bitcoin is about to enter another bull cycle, making significant price decline before the 2028 converts maturity unlikely.

  60% confidence

• The most realistic forced-Bitcoin-sale scenario is 2028, when ~$3.5 billion in converts come due at a strike price over $400. Even then, refinancing or equitization are alternatives. No forced sale is foreseen before then.

  60% confidence

• Strategy's weekly Bitcoin per share disclosure is voluntary; regulatory requirement is only quarterly. Greater transparency invites greater scrutiny but builds long-term stakeholder trust.

  60% confidence

• Over six years of executing the Bitcoin treasury strategy, Strategy has outperformed Bitcoin by ~50% (Bitcoin +37%, Strategy +40-50%) and outperformed every Magnificent Seven company except Nvidia.

  60% confidence

• Strategy holds $52 billion worth of Bitcoin on its balance sheet as of the interview date.

  60% confidence

• Strategy's USD cash reserve was intentionally reduced from $2.25 billion to over $700 million to retire $1.5 billion in convertible notes; it will be rebuilt incrementally to satisfy debt and preferred holders' risk comfort.

  60% confidence

• Strategy holds 845,000 Bitcoin (~4% of total supply) and is by far the largest corporate and largest identified holder of Bitcoin in the world, surpassing IBIT after its recent outflows.

  60% confidence

• Strategy's annual cash dividend obligations total $100.5 million per month (implying ~$1.2 billion/year from that figure, though Phong Le separately states $1.7 billion annually).

  60% confidence

• Strategy has increased Bitcoin per share every year: 77% in FY2024, 23% in FY2025, and 12% year-to-date in 2026. The company manages on a multi-year horizon, accepting week-to-week fluctuations.

  60% confidence

Data points we hold from this source