How much of Strategy’s BTC buying reaches each MSTR share?

Strategy’s BTC purchases only matter to shareholders if they increase Bitcoin per share. STRC helps by funding BTC purchases without issuing common stock for the purchase itself.

Per $1B of STRC issuance, roughly 97% of proceeds go to BTC. At $78K BTC, that would initially increase Bitcoin per share by ~1.52%.

The tradeoff is the carry. STRC increases the BTC stack without immediate common dilution, but each $1B issued adds ~$115M of annual dividend obligations. This becomes dilution over time since Strategy funds the dividend cost through MSTR common issuance.

As STRC gets larger, dilution absorbs more of the Bitcoin per share benefit.

The math remains positive while STRC is still scaling. But the cushion gets thinner each year: net BTC/share growth declines from +7.61% in Year 1 to +6.24% in Year 2 and +3.26% in Year 3 as STRC approaches the $28.3B authorization cap.

The cap is the inflection point. At the cap, the STRC engine stops adding new BTC while the dividend bill keeps running. That is where BTC/share turns negative at -5.93%.

STRC keeps the accumulation engine running, but the shareholder outcome depends on whether BTC/share growth can stay ahead of the carry.

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