**[K33: Strategy's Preferred Stock Financing May "Cost" Bitcoin, Annual Dividend Obligation Increases by Approximately $725 Million]** BlockBeats reported on October 14 that research institution K33 believes Strategy's financing through preferred stock STRC, while enabling the purchase of nearly 100,000 bitcoins in the first half of 2026, may see its ongoing dividend costs offset the gains. K33 estimates that STRC increases Strategy's annual dividend obligation by approximately $725 million, which, at a price of $83,000 per bitcoin, equates to roughly 8,740 BTC. If the $7.5 billion raised through STRC in the first half of the year were excluded, and dollar reserves, STRC buybacks, and most dividend expenditures were redirected toward bitcoin purchases, Strategy's holdings would only exceed this hypothetical scenario by approximately 4,947 BTC. Based on the aforementioned annualized costs, this difference could be erased in about seven months. K33 believes the preferred stock financing model "is a mistake" and favors raising funds through common stock ATM (At-The-Market) offerings instead. [Original Link]