While Bitcoin continues its ascent to unprecedented valuations, one corporation is fundamentally redefining corporate finance. Strategy has distributed its inaugural monthly dividend for preferred shares, demonstrating how a radical commitment to Bitcoin can generate substantial shareholder wealth. However, recent market volatility raises questions about the sustainability of this unconventional model following a significant price correction.
Aggressive Capital Raising Drives Growth
The engine behind Strategy’s ambitious plan is a sophisticated capital markets operation. In the second quarter of 2025 alone, the company raised a staggering $6.8 billion. This monumental figure includes $5.2 billion generated through common stock sales and an additional $447 million from preferred share offerings.
This aggressive fundraising follows a disciplined approach: the company actively issues shares during periods of high valuation (exceeding 4.0x mNAV) and adopts an opportunistic stance during moderate premiums (2.5-4.0x mNAV). Through the issuance of 28 million preferred shares at $90 each, Strategy secured $2.5 billion in fresh capital—direct ammunition for additional Bitcoin acquisitions.
Dividend Milestone Achieved Amid Market Volatility
Strategy entered the financial history books on Friday, August 31, 2025, by distributing its first monthly dividend of $0.80 per preferred share (STRC). This payment represents a strategic pivot and establishes an annual dividend yield of 9.0%.
Despite recent market pressures—the stock declined over 17% in the past month and remains substantially below its November peak—investors continue to value Strategy at a premium. The mNAV ratio of 1.69 indicates that the company’s $106.5 billion market capitalization significantly exceeds the pure value of its Bitcoin holdings. This premium reflects market confidence in Strategy’s ability to create value beyond mere digital asset ownership through sophisticated financial engineering.
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Massive Bitcoin Treasury Delivers Extraordinary Returns
The core of Strategy’s success lies within its cryptocurrency strategy. The company safeguards approximately 628,791 Bitcoins, currently valued at over $71 billion, delivering extraordinary returns to shareholders:
- Year-to-date Bitcoin return: 25.0%
- Additional Bitcoins acquired: 111,894 BTC
- Dollar-denominated gain: $13.2 billion
These results substantially surpass the company’s already ambitious annual targets, highlighting the powerful performance of its Bitcoin-centric approach.
Ambitious Outlook Faces Market Uncertainty
Looking forward, Strategy maintains remarkable optimism. Assuming a Bitcoin price of $150,000 by year-end, the company projects operating income of $34 billion and net income of $24 billion. This would translate to approximately $80 in earnings per share.
The critical question remains whether Strategy can maintain its unique model—combining aggressive Bitcoin accumulation with innovative capital raising—amid ongoing market volatility. The recent price correction demonstrates that even Bitcoin giants remain vulnerable to market turbulence, testing the resilience of this financial experiment.
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