🚨 SAYLOR KEEPS BUYING BILLIONS IN BITCOIN EVEN DURING A BEAR MARKET. And most of that money is not coming from selling MSTR stock. It is coming from a product called $STRC. STRC is a preferred share issued by Strategy with a $100 par value that currently pays about 11.5% annual yield, distributed in monthly cash dividends. The dividend rate is adjusted regularly with the goal of keeping STRC trading close to $100. • If STRC falls below $100 → the yield is increased • If STRC trades above $100 → the yield can be reduced Since launch in July 2025, the yield has been raised multiple times, moving from roughly 9-10% to about 11.5%. The key part is how this connects to Bitcoin buying. Strategy sells STRC shares through an at-the-market program, and the capital raised is used primarily to buy Bitcoin. This allows Strategy to bring in yield-seeking capital from traditional finance and convert that money directly into Bitcoin without issuing common shares. For example, on March 9, 2026, Strategy sold about 2.4 million STRC shares, raising roughly $377 million, and then purchased about 1,420 BTC. STRC currently has about $5 billion in outstanding market cap and raised over $1.1 billion in the last week alone, showing strong demand for this type of product. STRC is also over-collateralized with Bitcoin, with estimates of roughly $5 of BTC backing for every $1 of STRC issued. However, the structure also carries several risks. First, the stability of STRC is closely linked to Bitcoin’s price. If Bitcoin falls sharply, the value of the collateral backing the product also declines. Second, the model depends on continued investor demand for STRC. If demand slows, Strategy may need to raise yields further to attract buyers, which will increase their cost burden. Third, STRC holders have limited upside. Investors mainly receive the dividend yield, while the price can still fall below the $100 level during periods of market stress. This means if Bitcoin stays weak for a long period and capital inflows slow, the cost of maintaining a high dividend could increase and force Strategy to adjust issuance, reduce payouts, or even push them towards selling Bitcoin. So while STRC has become a powerful tool that allows Strategy to keep buying Bitcoin regularly, it is not a risk-free income product.