Strategy has conditionally declared daily STRC dividends at a 12% rate for November, if common stockholders approve an amendment on October 28. Either way the November total is $1.00 a share, so the vote moves the payment calendar and nothing else.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 28%
- Investor
- Investor 67%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+12
- Incentives68
- Confidence74
Strategy bought 250 bitcoin for $21.5 million to reach 848,250 BTC and spent $192.4 million repurchasing STRC preferred stock. The buyback is 3.5% of the $5.52 billion it held in dollar reserves and cash on October 11.
Perspective Coverage
8 publishers
- Builder
- Builder 7%
- Operator
- Operator 36%
- Investor
- Investor 57%
Reality
- Evidence84
- Adoption
- Not scored
- Hype gap+8
- Incentives60
- Confidence82
Strategy spent $176.3 million repurchasing STRC preferred stock in the week to Oct 4, against $28.7 million for 334 bitcoin. The shares cost about $99.60 each, and retiring them cuts roughly $21 million a year of 12% dividends.
Reality
- Evidence70
- Adoption
- Not scored
- Hype gap+15
- Incentives55
- Confidence68
The company put $75.7 million into 950 coins last week and $174 million into discounted STRC shares, and the two programs are now drawing on cash balances that fell in the same filing.
Perspective Coverage
5 publishers
- Builder
- Builder 0%
- Operator
- Operator 21%
- Investor
- Investor 79%
Reality
- Evidence80
- Adoption
- Not scored
- Hype gap+10
- Incentives55
- Confidence78
Strive's SATA preferred raised an estimated $55M for bitcoin, almost all in two sessions above par
Strive's SATA preferred stock raised an estimated $55 million this week through its at-the-market program, enough for about 638 bitcoin. Nearly all of it came on the two days the shares held their $100 par, because issuance stops below that price.
Reality
- Evidence55
- Adoption40
- Hype gap+20
- Incentives45
- Confidence50
Strategy shares fall 1.7 times as far as Bitcoin after the 848,000 BTC filing
Strategy shares closed at $151.47 on October 8, about 11% below their weekly high, as Bitcoin fell 6.3% from its peak. The stock moved about 1.7 times as much as Bitcoin both that week and across September, short of the more-than-double swing The Crypto Times calls typical.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+20
- Incentives
- Not scored
- Confidence55
STRC's trading depth depends on a $100 price that Strategy's buybacks helped support
Strategy's own buybacks made up over 20% of weekly STRC trading in most of September, Keyrock found. For holders the larger exposure is the price, since Keyrock found STRC four to eight times less liquid once it drifts more than 1% from its $100 par.
Reality
- Evidence50
- Adoption55
- Hype gap+15
- Incentives65
- Confidence55
Strategy will let only common shareholders vote on October 28 on moving STRC preferred to daily dividends from November 1. The rate and total payout stay the same, though STRC holders voted when Strategy last changed their payment schedule in May.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 20%
- Investor
- Investor 75%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+30
- Incentives75
- Confidence68
Strategy spent $176 million buying back its STRC preferred last week, about six times the $28.7 million it paid for 334 bitcoin. At $85,838.80 a coin, even that small purchase lifted the company's $75,440.70 average cost.
Perspective Coverage
6 publishers
- Builder
- Builder 5%
- Operator
- Operator 16%
- Investor
- Investor 79%
Reality
- Evidence85
- Adoption55
- Hype gap+15
- Incentives60
- Confidence80
Strategy spent $151.7 million buying back STRC preferred stock and $142.7 million on 1,665 Bitcoin in the week covered by its Sept. 28 filing. Its $18.84 billion of unsold common stock can fund more of both, though Michael Saylor's Oct. 4 post confirms no new purchase.
Reality
- Evidence78
- Adoption45
- Hype gap+20
- Incentives55
- Confidence72
Strategy pays STRC holders from a dollar reserve that stock sales refill
Michael Saylor explained on September 29 that Strategy pays preferred dividends from a dedicated USD Reserve because its Bitcoin produces no cash. STRC's yield therefore depends on Strategy's continued ability to sell new shares.
Reality
- Evidence35
- Adoption
- Not scored
- Hype gap+15
- Incentives75
- Confidence40
Strategy holds its bitcoin-funding preferred at 12% for a fourth straight month
Strategy kept the annualized dividend on its STRC preferred stock at 12% for October, a fourth straight month at that rate after a 9% launch in July 2025. Each dollar it raises this way to buy bitcoin now costs 12 cents a year, a third more than at launch.
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+10
- Incentives60
- Confidence50
Saylor Argues Digital Credit Issuers Strengthen Each Other as Smarter Web Advances MORE Preferred Share
Smarter Web Company plans to raise £15 million to £25 million with MORE, the first preferred share from a UK corporate Bitcoin holder, pending FCA approval. How much it raises, and at what dividend, is an early check on Michael Saylor's claim that Bitcoin-backed credit issuers enlarge each other's market.
Reality
- Evidence40
- Adoption15
- Hype gap+45
- Incentives70
- Confidence40
Strategy's common shareholders are paying to lift STRC back toward par
Strategy sold $246.2 million of new common stock last week and put $103.5 million of it into buying back STRC preferred below its $100 par. Those same common holders decide on October 28 whether the four preferreds move to daily dividends.
Reality
- Evidence55
- Adoption
- Not scored
- Hype gap+15
- Incentives60
- Confidence50
Strategy spent $151.7 million retiring STRC preferred in the week to September 27, more than the $142.7 million it paid for 1,665 bitcoin. MSTR stock sales paid for most of both, so common shareholders are now paying to shrink the company's preferred stock.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 28%
- Investor
- Investor 67%
Reality
- Evidence80
- Adoption
- Not scored
- Hype gap+5
- Incentives60
- Confidence78
The asset manager paid for the coins with fresh common and preferred stock. Back out the two disclosed percentages and the fully diluted share count grew about 4% in a single week.
Perspective Coverage
4 publishers
- Builder
- Builder 5%
- Operator
- Operator 18%
- Investor
- Investor 77%
Reality
- Evidence72
- Adoption45
- Hype gap+30
- Incentives60
- Confidence68
A ten-week gap in purchases produced a $1.59bn dollar reserve, and the roughly 3,588 coins sold in July to meet dividend obligations show where cash has to come from when the asset on the balance sheet pays none.
Perspective Coverage
6 publishers
- Builder
- Builder 6%
- Operator
- Operator 22%
- Investor
- Investor 72%
Reality
- Evidence55
- Adoption50
- Hype gap+15
- Incentives55
- Confidence60
Strategy's second straight week of buying its own preferreds cost $139.3 million and captured roughly $2.74 million of discount to the $100 stated value. The cash pool that funded it held $1.30 billion on September 13.
Perspective Coverage
3 publishers
- Builder
- Builder 3%
- Operator
- Operator 17%
- Investor
- Investor 80%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+15
- Incentives55
- Confidence70
Strive paid for last week's 469 bitcoin entirely with preferred stock. The coupon on its $1.04 billion of SATA is 13%, charged every business day, against a treasury of 25,000 coins. Warrants struck at $27 expire in mid-October.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 22%
- Investor
- Investor 71%
Reality
- Evidence72
- Adoption55
- Hype gap+12
- Incentives65
- Confidence70
Strategy's bitcoin stack is 3.8% above cost, and that gap is the whole green headline
One price level separates a paper loss from a paper profit at Michael Saylor's company. The cushion on 840,447 coins works out to $3,015 each.
Reality
- Evidence42
- Adoption55
- Hype gap+34
- Incentives62
- Confidence50