STRC, designed to trade near a $100 par value with a variable dividend currently yielding 11.5% annualized, has become central to Strategy's funding toolkit. The company recently proposed shifting STRC's dividend schedule from monthly to semi-monthly payments to reduce reinvestment lag and improve price stability. A $1 billion STRC buyback program was authorized in Q2, with $28.9 million repurchased at a 13% discount to par.
Convertible debt was reduced 18% to $6.7 billion on a net basis, while the USD reserve climbed to $3.75 billion, covering more than 2.1 years of preferred dividend and interest obligations within management's 2–3 year target range. The firm also holds approximately $18.5 billion in unrealized Bitcoin losses, representing a potential $5.4 billion tax benefit.
Historically, Saylor's cryptic weekend posts — including the "orange dots" acquisition chart and phrases like "Think Even ₿igger" — have preceded Monday regulatory filings detailing new purchases. The pattern held in April when a similar signal preceded a 13,927 BTC acquisition funded by $1 billion in STRC sales at an average price of $71,902 per coin.
Recent treasury activity shows nuance: Strategy sold 32 BTC in late May for $2.5 million to fund preferred dividends, its first Bitcoin sale since 2022. Between June 29 and July 5, the company sold 3,588 BTC for approximately $216 million, the largest disposal since 2020, using proceeds for dividend payments and reserve replenishment.