{"id":9102,"date":"2026-05-14T15:34:53","date_gmt":"2026-05-14T15:34:53","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=9102"},"modified":"2026-05-14T15:34:53","modified_gmt":"2026-05-14T15:34:53","slug":"bitcoin-keeps-rallying-mid-month-is-saylor-using-strategys-strc-funding-loop-to-pump-btc","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=9102","title":{"rendered":"Bitcoin keeps rallying mid-month &#8211; Is Saylor using Strategy\u2019s STRC funding loop to pump BTC?"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"magazine-post-box__preferred-source\">  <span class=\"cs-preferred-google-badge__text\">Make<\/span> <span class=\"cs-preferred-google-badge__brand\" aria-hidden=\"true\"> <img class=\"cs-preferred-google-badge__brand-mark\" src=\"https:\/\/cryptoslate.com\/wp-content\/themes\/cryptoslate-2020\/imgresize\/timthumb.php?src=https:\/\/cryptoslate.com\/wp-content\/themes\/cryptoslate-2020\/images\/cryptoslate-icon.jpg&amp;w=26&amp;h=26&amp;q=75\" alt=\"CryptoSlate logo\" width=\"26\" height=\"26\" decoding=\"async\"\/><img class=\"lazyload cs-preferred-google-badge__brand-mark\" src=\"https:\/\/cryptoslate.com\/wp-content\/themes\/cryptoslate-2020\/imgresize\/timthumb.php?src=https:\/\/cryptoslate.com\/wp-content\/themes\/cryptoslate-2020\/images\/cryptoslate-icon.jpg&amp;w=26&amp;h=26&amp;q=75\" alt=\"CryptoSlate logo\" width=\"26\" height=\"26\" decoding=\"async\"\/> <span class=\"cs-preferred-google-badge__brand-name\">CryptoSlate<\/span> <\/span> <span class=\"cs-preferred-google-badge__text\">preferred on<\/span> <img class=\"cs-preferred-google-badge__google-wordmark\" src=\"https:\/\/cryptoslate.com\/wp-content\/themes\/cryptoslate-2020\/images\/google-logo.svg\" alt=\"Google logo\" width=\"48\" height=\"16\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload cs-preferred-google-badge__google-wordmark\" src=\"https:\/\/cryptoslate.com\/wp-content\/themes\/cryptoslate-2020\/images\/google-logo.svg\" alt=\"Google logo\" width=\"48\" height=\"16\" decoding=\"async\"\/> <\/div>\n<p>Bitcoin has been seeing recurring mid-month strength this year, and it is becoming harder to separate it from Strategy\u2019s (formerly MicroStrategy) expanding preferred-stock machine. The funding channel is helping the company continue to buy the flagship digital asset while adding a growing layer of cost to its balance sheet.<\/p>\n<p>Research firm K33 has tied the pattern to Strategy\u2019s perpetual preferred stock, STRC, which has become a key source of liquidity for the world\u2019s largest corporate Bitcoin holder. The instrument pays dividends at month-end, but investors must own the shares by the 15th to qualify for the payout.<\/p>\n<p>That deadline has turned the middle of each month into a predictable window of demand. Investors buy STRC ahead of the cutoff, driving up its trading volume, and the stock moves back toward its $100 par value.<\/p>\n<p>Once STRC trades at or above par, Strategy can issue new shares through its at-the-market program and use the proceeds to buy more Bitcoin.<\/p>\n<p>Data from STRC.live shows that this loop has become active this week, with STRC returning to par and giving Strategy enough room to fund the purchase of more than 5,000 Bitcoin before Friday\u2019s next ex-dividend deadline.<\/p>\n<p>The move extends a pattern that has made Strategy\u2019s capital markets activity a recurring feature of Bitcoin\u2019s spot-market flow. It also reinforces why STRC has become the most dominant preferred equity in the market.<\/p>\n<figure id=\"attachment_536216\" aria-describedby=\"caption-attachment-536216\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-536216\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-scaled.jpg\" alt=\"Strategy's STRC \" width=\"2560\" height=\"1440\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-scaled.jpg 2560w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-1024x576.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-1536x864.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-2048x1152.jpg 2048w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-480x270.jpg 480w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-1200x675.jpg 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\"\/><img loading=\"lazy\" decoding=\"async\" class=\"lazyload size-full wp-image-536216\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-scaled.jpg\" alt=\"Strategy's STRC \" width=\"2560\" height=\"1440\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-scaled.jpg 2560w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-1024x576.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-1536x864.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-2048x1152.jpg 2048w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-480x270.jpg 480w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIHtj_LW8AAgND4-1200x675.jpg 1200w\" data-sizes=\"(max-width: 2560px) 100vw, 2560px\"\/><figcaption id=\"caption-attachment-536216\" class=\"wp-caption-text\">Strategy&#8217;s STRC Liquidity Comparison Against Other Preferred Stocks (Source: Strategy)<\/figcaption><\/figure>\n<h2>STRC turns dividend demand into Bitcoin buying<\/h2>\n<p>The volume of Bitcoin acquired through this specific funding channel has accelerated aggressively since the start of the year.<\/p>\n<p>K33 research noted that Strategy bought 4,467 Bitcoin using STRC proceeds in January. By March, purchases tied to the preferred stock had climbed to 22,131 Bitcoin.<\/p>\n<p>In April, the figure rose again to about 46,872 Bitcoin, showing how rapidly the instrument has moved from a financing tool to a major driver of the company\u2019s accumulation strategy.<\/p>\n<figure id=\"attachment_536217\" aria-describedby=\"caption-attachment-536217\" style=\"width: 1666px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-536217\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO.jpg\" alt=\"Strategy's Bitcoin Purchases\" width=\"1666\" height=\"877\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO.jpg 1666w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO-1024x539.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO-768x404.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO-1536x809.jpg 1536w\" sizes=\"(max-width: 1666px) 100vw, 1666px\"\/><img loading=\"lazy\" decoding=\"async\" class=\"lazyload size-full wp-image-536217\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO.jpg\" alt=\"Strategy's Bitcoin Purchases\" width=\"1666\" height=\"877\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO.jpg 1666w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO-1024x539.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO-768x404.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIABBjbUAAlPOO-1536x809.jpg 1536w\" data-sizes=\"(max-width: 1666px) 100vw, 1666px\"\/><figcaption id=\"caption-attachment-536217\" class=\"wp-caption-text\">Strategy&#8217;s Monthly Bitcoin Purchases via STRC (Source: K33 Research)<\/figcaption><\/figure>\n<p>Vetle Lunde, the head of research at the crypto research firm, described the setup as a mechanical source of demand.<\/p>\n<p>According to him, STRC draws yield-focused investors before the ex-dividend date, helping the preferred stock regain par and giving Strategy the market depth needed to issue more shares. The company then converts that demand into spot Bitcoin purchases.<\/p>\n<p>Meanwhile, Strategy is now seeking to tighten the cycle. The company has proposed moving STRC\u2019s dividend schedule from monthly payments to twice-monthly distributions, arguing that more frequent payouts would reduce reinvestment delays and improve market efficiency.<\/p>\n<p>The change would also create more frequent opportunities to raise capital. That could reinforce the mid-month buying pattern, while making Strategy more dependent on a product that carries a far higher cost than its earlier financing tools.<\/p>\n<h2>Strategy\u2019s cheap-capital era gives way to preferred equity<\/h2>\n<p>While the STRC mechanism is helping to shape BTC&#8217;s near-term market performance, institutional researchers are sounding the alarm about the trade&#8217;s long-term sustainability.<\/p>\n<p>For much of its Bitcoin accumulation history, the Michael Saylor-led company had relied on common stock issuance and convertible debt.<\/p>\n<p>Both were attractive when Strategy\u2019s equity traded at a wide premium to the value of its Bitcoin holdings, and bond investors were willing to accept low coupons in exchange for exposure to possible stock upside.<\/p>\n<p>However, those conditions have considerably weakened over the past year.<\/p>\n<p>Delphi Digital estimates Strategy\u2019s common stock premium now trades at about 1.24 times its enterprise-value-based net asset value. At that level, issuing common stock offers far less benefit for increasing Bitcoin per share.<\/p>\n<figure id=\"attachment_536220\" aria-describedby=\"caption-attachment-536220\" style=\"width: 3328px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-536220\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U.png\" alt=\"Strategy's Bitcoin Per Share\" width=\"3328\" height=\"1873\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U.png 3328w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-1536x864.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-2048x1153.png 2048w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-480x270.png 480w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-1200x675.png 1200w\" sizes=\"(max-width: 3328px) 100vw, 3328px\"\/><img loading=\"lazy\" decoding=\"async\" class=\"lazyload size-full wp-image-536220\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U.png\" alt=\"Strategy's Bitcoin Per Share\" width=\"3328\" height=\"1873\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U.png 3328w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-300x169.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-1024x576.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-768x432.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-1536x864.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-2048x1153.png 2048w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-480x270.png 480w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIJCtHsWwAAOE5U-1200x675.png 1200w\" data-sizes=\"(max-width: 3328px) 100vw, 3328px\"\/><figcaption id=\"caption-attachment-536220\" class=\"wp-caption-text\">Strategy&#8217;s Bitcoin Per Share (Source: Delphi Digital)<\/figcaption><\/figure>\n<p>Moreover, the convertible-debt window has also narrowed. Strategy carries about $8.2 billion of principal from earlier deals, with repayments scheduled to begin in September 2027.<\/p>\n<p>That leaves STRC as the main financing engine for Strategy&#8217;s recent BTC purchases. Because the preferred stock sits below senior debt and convertibles in the capital stack, investors require more compensation for the risk.<\/p>\n<p>STRC\u2019s annualized yield has already risen to 11.5%, a sharp increase from the cheaper financing that supported Strategy\u2019s earlier Bitcoin purchases.<\/p>\n<h2>The Bitcoin-per-share trade gets more expensive<\/h2>\n<p>STRC still helps Strategy buy Bitcoin without issuing common stock directly for the purchase. That is central to the company\u2019s argument that the program can support growth in Bitcoin per share.<\/p>\n<p>Delphi estimates that about 97% of every $1 billion raised through STRC can be deployed into Bitcoin. At current prices, that can lift Strategy\u2019s Bitcoin-per-share metric at the point of issuance.<\/p>\n<p>The cost arrives afterward. Each $1 billion of STRC creates roughly $115 million of annual dividend obligations. Those payments must be serviced, and Delphi expects Strategy to rely on common stock issuance to meet them.<\/p>\n<figure id=\"attachment_536218\" aria-describedby=\"caption-attachment-536218\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-536218 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-scaled.jpg\" alt=\"STRC Issuance Impact on Strategy's MSTR\" width=\"2560\" height=\"1441\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-scaled.jpg 2560w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-1024x576.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-1536x864.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-2048x1152.jpg 2048w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-480x270.jpg 480w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-1200x675.jpg 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\"\/><img loading=\"lazy\" decoding=\"async\" class=\"lazyload wp-image-536218 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-scaled.jpg\" alt=\"STRC Issuance Impact on Strategy's MSTR\" width=\"2560\" height=\"1441\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-scaled.jpg 2560w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-1024x576.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-1536x864.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-2048x1152.jpg 2048w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-480x270.jpg 480w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HINFyfgbYAA75oT-1200x675.jpg 1200w\" data-sizes=\"(max-width: 2560px) 100vw, 2560px\"\/><figcaption id=\"caption-attachment-536218\" class=\"wp-caption-text\">STRC Issuance Impact on Strategy&#8217;s MSTR (Source: Delphi Digital)<\/figcaption><\/figure>\n<p>That turns the preferred program into a delayed dilution mechanism. The Bitcoin bought with STRC proceeds can initially lift per-share exposure, but the recurring dividend bill gradually offsets that benefit as more common stock is issued to fund payments.<\/p>\n<p>Delphi\u2019s model shows the effect fading over time. Bitcoin-per-share growth could exceed 7% in the first year of the program, but fall to just above 3% by the third year as the preferred stock base grows and dividend obligations compound.<\/p>\n<div id=\"cs-inline-newsletter-6a05e49c50c5b\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\">CryptoSlate Daily Brief<\/span><\/p>\n<h3 class=\"cs-inline-newsletter__title\">Daily signals, zero noise.<\/h3>\n<p class=\"cs-inline-newsletter__copy\">Market-moving headlines and context delivered every morning in one tight read.<\/p>\n<p> <span><i class=\"fa-regular fa-bolt\" aria-hidden=\"true\"\/> 5-minute digest<\/span> <span><i class=\"fa-regular fa-star\" aria-hidden=\"true\"\/> 100k+ readers<\/span><\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__privacy\">Free. No spam. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span>You\u2019re subscribed. Welcome aboard.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>The pressure becomes more acute near the $28.3 billion STRC authorization cap. Once Strategy reaches that limit, the preferred-stock engine can no longer keep funding new purchases at the same pace. The dividend bill, however, remains.<\/p>\n<p>Under those conditions, Delphi projects that net Bitcoin-per-share growth could turn negative, shrinking by nearly 6% a year as common issuance is used to service preferred dividends rather than to expand holdings.<\/p>\n<h2>A bear market could stress the loop<\/h2>\n<p>The larger risk is that STRC\u2019s mechanics work best when Bitcoin is rising, and investor appetite for yield remains strong.<\/p>\n<p>Blockchain research firm House of Chimera has warned that a sustained downturn could create a negative feedback loop.<\/p>\n<p>According to the firm:<\/p>\n<blockquote>\n<p>\u201cAs Bitcoin declines, STRC may need to raise its dividend to maintain investor demand. Yet higher yields also increase Strategy\u2019s monthly cash obligations at the exact moment its BTC holdings are losing value. This creates a structurally fragile feedback loop in which worsening market conditions force the structure to promise ever-larger payouts.\u201d<\/p>\n<\/blockquote>\n<p>The House of Chimera\u2019s test suggests that under pessimistic market conditions, Strategy\u2019s $2.5 billion cash reserves could be exhausted within 17 to 22 months.<\/p>\n<p>That would leave the company facing a liquidity squeeze at the same time market access is weakest.<\/p>\n<p>Moreover, the bigger danger is that Strategy could eventually be forced to sell Bitcoin to meet dividend obligations.<\/p>\n<p>Any forced selling would add pressure to the spot market, weaken demand for STRC, and potentially require even higher yields to restore investor confidence.<\/p>\n<p>In House of Chimera\u2019s most severe scenario, the preferred-stock stack could eventually force sales approaching 800,000 Bitcoin.<\/p>\n<figure id=\"attachment_536221\" aria-describedby=\"caption-attachment-536221\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-536221\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-scaled.jpg\" alt=\"Amount of Bitcoin Strategy Could Sell\" width=\"2560\" height=\"1738\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-scaled.jpg 2560w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-300x204.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-1024x695.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-768x521.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-1536x1043.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-2048x1390.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\"\/><img loading=\"lazy\" decoding=\"async\" class=\"lazyload size-full wp-image-536221\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-scaled.jpg\" alt=\"Amount of Bitcoin Strategy Could Sell\" width=\"2560\" height=\"1738\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-scaled.jpg 2560w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-300x204.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-1024x695.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-768x521.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-1536x1043.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HIIJi9LbkAAx27C-2048x1390.jpg 2048w\" data-sizes=\"(max-width: 2560px) 100vw, 2560px\"\/><figcaption id=\"caption-attachment-536221\" class=\"wp-caption-text\">Amount of Bitcoin Strategy Could Sell to Fund Dividends (Source: House of Chimera)<\/figcaption><\/figure>\n<h2>Strategy moves from accumulation to balance-sheet management<\/h2>\n<p>Acknowledging the changing financial realities, Strategy\u2019s corporate posture has evolved.<\/p>\n<p>The company\u2019s recent disclosures point to a more active approach than the earlier \u201cnever sell\u201d posture associated with founder and Chairman Michael Saylor.<\/p>\n<p>The focus has shifted toward maximizing BTC Yield, a company metric that tracks the growth of physical Bitcoin holdings relative to the number of outstanding shares. In an X post, Phong Le, president and CEO of the company, said:<\/p>\n<blockquote>\n<p>\u201cBitcoin per share (BPS) is our True North. Every day, Strategy uses multivariate models to optimize capital, equity, debt, and credit decisions to maximize annual BTC Yield (growth in BPS). YTD, we\u2019ve achieved 9.4% BTC Yield and $5.0 billion in BTC Gain.\u201d<\/p>\n<\/blockquote>\n<figure id=\"attachment_536222\" aria-describedby=\"caption-attachment-536222\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-536222\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn.jpg\" alt=\"Strategy Bitcoin Per Share Metrics\" width=\"900\" height=\"506\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn.jpg 900w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn-480x270.jpg 480w\" sizes=\"(max-width: 900px) 100vw, 900px\"\/><img loading=\"lazy\" decoding=\"async\" class=\"lazyload size-full wp-image-536222\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn.jpg\" alt=\"Strategy Bitcoin Per Share Metrics\" width=\"900\" height=\"506\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn.jpg 900w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/05\/HH4I2orXsAI29Tn-480x270.jpg 480w\" data-sizes=\"(max-width: 900px) 100vw, 900px\"\/><figcaption id=\"caption-attachment-536222\" class=\"wp-caption-text\">Strategy Bitcoin Per Share Metrics (Source: Strategy)<\/figcaption><\/figure>\n<p>Keeping those figures positive will become harder as cheap debt rolls off, preferred dividends expand, and the cost of each new Bitcoin purchase rises.<\/p>\n<p>For now, STRC continues to support a reliable mid-month Bitcoin bid. The instrument converts yield demand into fresh capital, and that capital continues to flow into the spot market.<\/p>\n<p>However, the trade is also becoming more fragile. Strategy\u2019s funding machine can still lift Bitcoin in the short term, but the same structure is building a larger dividend burden behind each purchase.<\/p>\n<p>As STRC grows, the question for shareholders and Bitcoin traders becomes whether the company can continue to increase Bitcoin per share after the machine&#8217;s cost is fully accounted for.<\/p>\n<\/div>\n<p>Banking,Deals,Digital Asset Treasuries,Featured,Market,TradFi,Trading,Bitcoin,Michael Saylor,Strategy,STRCBitcoin,Michael Saylor,Strategy,STRC#Bitcoin #rallying #midmonth #Saylor #Strategys #STRC #funding #loop #pump #BTC1778772893<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Make CryptoSlate preferred on Bitcoin has been seeing recurring mid-month strength this year, and it is becoming harder to separate it from Strategy\u2019s (formerly MicroStrategy) expanding preferred-stock machine. The funding channel is helping the company continue to buy the flagship digital asset while adding a growing layer of cost to its balance sheet. Research firm<\/p>\n","protected":false},"author":1,"featured_media":9103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[91,285,550,1062,3969,4493,4494,4492,1770,107,921,2842],"class_list":{"0":"post-9102","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ethereum","8":"tag-bitcoin","9":"tag-btc","10":"tag-funding","11":"tag-loop","12":"tag-michael-saylor","13":"tag-midmonth","14":"tag-pump","15":"tag-rallying","16":"tag-saylor","17":"tag-strategy","18":"tag-strategys","19":"tag-strc"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin keeps rallying mid-month - Is Saylor using Strategy\u2019s STRC funding loop to pump BTC? - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"Strategy&#039;s STRC program is turning yield demand into spot BTC purchases as analysts warn the structure could become fragile in a downturn.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=9102\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin keeps rallying mid-month - Is Saylor using Strategy\u2019s STRC funding loop to pump BTC?\" \/>\n<meta property=\"og:description\" content=\"Strategy&#039;s STRC program is turning yield demand into spot BTC purchases as analysts warn the structure could become fragile in a downturn.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.uk.com\/?p=9102\" \/>\n<meta property=\"og:site_name\" content=\"Crypto News: Latest Cryptocurrency News and Analysis\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-14T15:34:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/05\/strategy-preferred-stocks-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u884c\u653f\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u884c\u653f\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=9102\",\"url\":\"https:\/\/cryptonews.uk.com\/?p=9102\",\"name\":\"Bitcoin keeps rallying mid-month - Is Saylor using Strategy\u2019s STRC funding loop to pump BTC? 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