Strategy is still buying BTC, but the funding mix has changed.

Common issuance worked when Strategy traded at a wide premium to its BTC holdings. As that premium compressed, issuing common became less useful for growing Bitcoin per share.

STRC fills the gap by reaching yield buyers. But this comes at a cost: at today’s 11.5% dividend rate, every $1B issued adds about $115M of annual dividend obligations.

The key question is whether Bitcoin per share keeps growing after the carry.

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