MicroStrategy issues common stock to buy Bitcoin, the attractiveness of preferred stock is insufficient, and the STRC dividend rate increases to 10%.

The pioneer of Bitcoin reserve strategy, MicroStrategy, originally named MicroStrategy (, has bought an additional 4,048 Bitcoins, increasing its Bitcoin holdings to 636,505 coins. The strategy again raised capital through the issuance of common stock and announced an increase in the dividend rate of preferred stock STRC from 9% to 10%. Is it that preferred stock can no longer attract investors' buying interest?

Strategy to buy back 4,048 Bitcoins

Strategy this time through issuance

Common stock MSTR raised 425 million USD

8% convertible preferred stock STRK raised 19 million USD

10% Preferred Stock STRD raised 1 million dollars

A total of 471.8 million USD was raised, all of which was used to purchase Bitcoin. Strategy acquired 4,048 Bitcoins at an average cost of 110,981 USD. As of September 2, 2025, Strategy holds a total of 636,505 Bitcoins, with a total cost of 46.95 billion USD and an average cost of 73,765 USD per Bitcoin.

Saylor violated the commitment, further diluting shareholder equity with common stock issuance.

MicroStrategy announced at the last earnings conference that it will decide whether to continue issuing common stock through the ATM program based on the internal evaluation indicator "mNAV premium ratio". When the mNAV premium ratio is between 1 and 2.5 times, new shares will not be issued unless it is for the purpose of paying existing debt interest or distributing preferred stock dividends.

However, after issuing 875,301 shares of MSTR common stock last week and raising $310 million, MicroStrategy has now issued 1,237,000 shares of MSTR common stock for fundraising. This move, which dilutes shareholder value, goes against previous commitments and has sparked controversy. Has the preferred stock become less attractive to investors?

According to its official website, its mNAV is currently 1.58, which has been below 2 for more than three months.

Are 8% preferred stocks no longer attractive? Announced an increase in STRC dividend rate to 10%.

MicroStrategy has issued four series of preferred stocks in just half a year, which not only have an annualized dividend yield of over 8% but also showed impressive performance in stock prices previously. This allows investors who dislike the high volatility of Bitcoin to buy Bitcoin-related stocks and create a stable cash flow.

But recently, when there is clearly a need to raise mNAV, they have abandoned issuing preferred shares and focused on fundraising through common stock. Is it that preferred shares can no longer attract investors' buying interest?

The author has compiled data on four preferred stocks as shown in the table below. Apart from the STRF, which can accumulate dividends and maintains a price above the redemption price of 100 dollars, the other three stocks have all fallen below 100 dollars, with the lower-ranking STRD even priced at only 79 dollars. Most preferred stocks still have a large issuance quota, and a possible reason for this may be insufficient investor willingness, causing MicroStrategy to backtrack and issue more MSTR for fundraising?

In addition, MicroStrategy also announced that the dividend rate for STRC has been increased from 9% to 10%, as the price range initially set by the company was 99 to 101, and therefore the only way to raise the stock price was to increase the interest rate.

STRK STRF STRD STRC Annualized Yield Rate 8% 10% 10% Floating Rate, initially 9% Current Price Level

94.58

110.82 79.05 97.58 Average 30-day trading volume 22.8 million USD 21.1 million USD 9.6 million USD 95.2 million USD Total issuance limit 21 billion USD 2.1 billion USD 4.2 billion USD 4.2 billion USD Remaining issuance limit 20.39 billion USD 1.795 billion USD 4.17 billion USD 4.2 billion USD

) Create a stable cash flow with Bitcoin, how should one choose the 4 preferred stocks of MicroStrategy? (

MSTR has underperformed Bitcoin in stock price this year.

Before the deadline, the stock price of MicroStrategy rose by 1.73%. So far this year, the stock price has only increased by 14%, which has already lagged behind the 19% of Bitcoin.

)MSTR stock price is stagnant! mNAV is hovering at a low level, what other tricks does MicroStrategy have? (

This article discusses MicroStrategy issuing common stock to buy Bitcoin, the lack of attractiveness of preferred stock, and the increase in STRC dividend yield to 10%, first appearing on Chain News ABMedia.