K33: Strategy's preferred stock financing may cause it to 'lose' Bitcoin, with annual dividend obligations increasing by approximately $725 million.

BlockBeats news, October 14 — Research firm K33 believes that Strategy's financing through preferred stock STRC helped it purchase nearly 100,000 bitcoins in the first half of 2026, but the ongoing dividend costs may offset the gains. K33 estimates that STRC increases Strategy's annual dividend obligations by approximately $725 million, equivalent to about 8,740 BTC at $83,000 per bitcoin.

If the approximately $7.5 billion raised through STRC in the first half is excluded, and the dollar reserves, STRC buybacks, and most dividend expenditures are redirected to bitcoin purchases, Strategy's holdings would be only about 4,947 BTC more than in that hypothetical scenario; at the aforementioned annualized cost, this difference could be erased in about seven months. K33 believes the preferred stock financing model "is a mistake" and prefers fundraising through common stock ATM and other methods.