K33: Strategy's Preferred Stock Financing May Cost It 8,740 BTC Annually

Huo Xing Cai Jing reports that research firm K33 believes that while Strategy’s financing through preferred shares (STRC) enabled it to purchase nearly 100,000 bitcoins in the first half of 2026, the ongoing dividend costs may offset these gains. K33 estimates that STRC has increased Strategy’s annual dividend obligations by approximately $7.25 billion, equivalent to about 8,740 BTC at a price of $83,000 per bitcoin. If the approximately $7.5 billion raised via STRC in the first half were excluded, and instead dollar reserves, STRC buybacks, and most dividend payments were redirected toward bitcoin purchases, Strategy’s holdings would only be about 4,947 BTC higher than in this hypothetical scenario; at the aforementioned annualized cost, this difference would be erased in roughly seven months. K33 considers the preferred share financing model “a mistake” and prefers that Strategy raise capital through common stock ATM programs or similar methods.