Gate News, March 18 — Last week, Strategy Inc. primarily used perpetual preferred stock (STRC) as its main financing tool to increase Bitcoin holdings for the first time. On Monday (March 17), the company announced it had purchased 22,337 Bitcoin last week, marking its fifth-largest acquisition ever. Of this, $1.18 billion was financed through STRC perpetual preferred stock, equivalent to approximately 16,800 BTC (based on an average price of $70,000 per Bitcoin), far exceeding the $396 million raised through its regular stock ATM plan. The regular stock ATM plan has been the main tool for accumulating Bitcoin holdings, which now total 761,068 BTC. Based on the current 11.5% dividend rate for STRC, issuing $1.18 billion results in an annual dividend obligation of about $135 million, bringing the company’s total annual dividend burden to over $1 billion. The company has reserved approximately $2.25 billion for these obligations. Since the common stock has fallen over 70%, the company stated it will be more selective in using common stock in the future, mainly when net asset value multiples are significantly above 1 or when building dollar reserves is necessary, relying more on STRC financing to avoid further dilution of equity. Since the ex-dividend date on March 15, STRC has fallen below its face value of $100 for three consecutive days. The company indicated that if the volume-weighted average price remains below face value for a month, it will consider raising the dividend by 25 basis points to support the price.
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