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• Strategy Inc. (NasdaqGS:MSTR) recently acquired more than 2,900 BTC, funded through an at the market equity offering.

• The company simultaneously raised the monthly dividend rate on its Stretch (STRC) preferred stock, marking the sixth increase since July 2025.

• These moves come during significant bitcoin price declines and increased scrutiny of Strategy’s bitcoin backed financial model.

Strategy is again leaning into its bitcoin centric approach at a time when its own shares and the crypto market have been under pressure. The stock closed at $149.71, with a 7 day return of an 8.2% decline and a 1 year return of a 55.3% decline, while still showing a very large gain over 3 years and an 85.7% gain over 5 years. That mix of sharp recent weakness and strong multi year performance helps explain why opinions are so divided on the company’s current direction.

For you as a shareholder or potential investor, the combination of larger bitcoin holdings and higher preferred dividends sharpens the focus on risk, income and balance sheet flexibility. The key question from here is how well Strategy’s bitcoin backed model and capital structure can handle further swings in both crypto and equity markets, and what that could mean for future dividend decisions and equity issuance.

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Why Strategy could be great value

Strategy’s latest move to issue equity and preferred stock in order to buy 2,932 BTC takes its holdings to 712,647 BTC and reinforces the company’s identity as a bitcoin treasury vehicle rather than a traditional software firm. For you, that means shareholder returns are likely to stay closely tied to bitcoin price moves and to management’s willingness to keep recycling equity and preferred capital into more coins, even when both crypto and the share price are under pressure.

This update lines up with the long-running thesis that Strategy is a bitcoin amplifier, using capital markets to increase BTC per share instead of focusing on core software growth. Successive increases in the Stretch preferred dividend, framed as a high yield, shorter duration cash instrument, show how the company is trying to attract different investor profiles than pure equity holders, in contrast to crypto-exposed peers like Coinbase or Robinhood that focus more on trading and platform revenues.