Michael Saylor, chairman of Strategy, published a performance report showing that the company’s structured products withstood Bitcoin’s 47% plunge over 12 months. The flagship STRC instrument even posted a net gain of 9%, driven by an aggressive 12% annual dividend policy. To sustain these investor payouts amid the cryptocurrency’s prolonged decline, Strategy was forced to sell $104 million worth of Bitcoin in August 2026, abandoning its core perpetual accumulation doctrine. The company’s total annual obligations to security holders now exceed $1.2 billion. Independent analysts are warning about the opportunity cost, noting that the S&P 500 index rose 22% over the same period with considerably lower volatility.
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