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Michael Saylor says Strategy is converting its Bitcoin “digital capital” into digital credit via STRC and digital equity via MSTR.STRC, a Bitcoin-backed perpetual preferred stock, has grown into an $8.5 billion “digital credit” product in under a year.The framework cements Strategy’s model: Bitcoin as reserve asset, STRC as yield-focused credit layer, and MSTR as leveraged equity tied to BTC upside.

The Bank of New York Mellon has bought an additional 101,810 shares of Strategy, a Bitcoin treasury company, in a move worth about $18.7 million.The purchase brings BNY Mellon’s total Strategy holdings to 1 million shares, with an aggregate value of roughly $187.2 million at current prices.The bank, which oversees around $2.1 trillion in assets under management, joins a growing list of large institutions building sizable positions in Strategy as a proxy for Bitcoin exposure.

Benchmark has lowered its 12‑month price target on Bitcoin treasury company Strategy from $705 to $570, according to a new client note cited in market reports.The investment bank is maintaining its Buy rating, but is trimming upside assumptions after a sharp drawdown in both Strategy’s share price and Bitcoin.The move follows months of volatility in Strategy stock, which Benchmark had previously defended as a sustainable levered play on corporate Bitcoin accumulation.

Strategy executive chairman Michael Saylor floated selling bitcoin to fund dividend obligations during the company’s Q1 2026 earnings call on May 5.Strategy holds 818,334 BTC and faces approximately $1.5 billion in annual dividend obligations across its preferred stock instruments.MSTR stock fell more than 4% in after-hours trading following the call, while bitcoin briefly dipped below $81,000.

The 21Shares exchange-traded note gives U.K. investors exposure to preferred shares of top Bitcoin treasury firm, Strategy.

Michael Saylor said Strategy “will probably” sell bitcoin in the future to cover dividends from STRC, which has been rapidly growing.Strategy executives said the company aims to double bitcoin-per-share within seven years through its “digital credit” strategy, led by STRC.

Strategy’s preferred STRC shares have already raised $5.58 billion year-to-date.The firm is back to seeing an unrealized gain of around $5 billion on its bitcoin holdings.

Bitcoin rallied 12% in April as Strategy added $4.1 billion in BTC, but on-chain data suggests gains may be speculative.

Bitcoin’s 20% rally from February “lows” was mainly driven by Strategy, ETF issuers, and long-term holders buying more BTC.But Strategy’s issuing of the perpetual preferred equity instrument STRC has been the main driver, and Bitwise suspects “Strategy will raise billions more through STRC” in order to buy more bitcoin.

Strategy has purchased another 3,273 BTC for approximately $255 million at an average price of $77,906 per bitcoin, bringing its total holdings to 818,334 BTC.The latest acquisitions were funded by proceeds from the issuance and sale of the company’s Class A common stock, MSTR.

Saylor hinted at another Bitcoin purchase after Strategy raised holdings to 815,061 BTC last week.Analysts expect a smaller buy because MSTR share issuance paused while shares traded below par.Strategy still has ATM capacity, but funding conditions may limit near-term Bitcoin accumulation size.

Peter Schiff warned that Strategy’s preferred shares could increase pressure on its Bitcoin treasury plan.Schiff said the 11.5% yield may force Strategy to raise capital or sell Bitcoin.Strategy supporters argue Bitcoin gains can cover costs, but Schiff says new issuance changes the math.

Strategy has purchased another 34,164 BTC for approximately $2.54 billion at an average price of $74,395 per bitcoin, bringing its total holdings to 815,061 BTC.The latest acquisitions were funded by proceeds from the issuance and sale of the company’s Class A common stock, MSTR, and perpetual preferred stock, STRC.

Michael Saylor has teased a new "even bigger" era for Strategy as on-chain data reveals a massive $2 billion Bitcoin absorption in 11 days and potentially 800,000 BTC secured already.

Peter Schiff says MicroStrategy Bitcoin funding model may increase shareholder dilution through repeated share issuance.Company shifts toward 11.5% yield preferred shares as earlier funding methods become less effective.Debate continues as analysts disagree whether MicroStrategy faces risk or retains financial flexibility.

If approved by shareholders, STRC would pay a dividend twice per month.STRC is a perpetual preferred stock designed to trade near a $100 par value while paying a variable cash dividend, currently at an annualized rate of 11.5%.