Where do the dividends of STRC and SATA come from?

First of all, the money for dividends does not come from Bitcoin, as $BTC itself does not earn interest, which is a significant distinction.

The dividends of $STRC and $SATA mainly come from three sources:

First, the company's cash reserves.

Both Strategy and Strive will retain a portion of US dollar cash to pay preferred stock dividends. For example, the $STRC of Strategy is essentially supported by the company's cash reserves and financing capabilities for dividends. STRC is not a bank deposit, dividends are not guaranteed, and there is no BTC pledged by the company.

Second, money raised through financing.

The company issues common stock and preferred stock, and after obtaining the funds, part of it is used to buy BTC, and part is kept as dividend reserves. In other words, this is not a dividend from operating profits but rather the BTC treasury company raising funds through the capital market, splitting the funds into two parts: one part expands the BTC reserves, while the other part maintains the preferred stock dividends.

Third, sell assets when necessary.

If cash is insufficient, theoretically, it can sell BTC, sell STRC, or other assets to pay dividends.

This is also the focus of Saylor's recent explanation. Even if Strategy sells a portion of BTC temporarily to pay dividends in the future, as long as the amount of BTC purchased through financing is greater than the amount sold, it is essentially still a net buyer of BTC, not a net seller.

Therefore, the dividends of STRC and SATA are essentially not from Bitcoin earning interest, but rather the capital market packaging the credit of the BTC treasury company into interest-bearing products. The higher the yield, the higher the credit compensation demanded by the market.

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