K33: Strategy's Preferred Stock Financing for Bitcoin Acquisition Reaches Annual Dividend Expenditure of $725 Million

K33's research director Vetle Lunde pointed out that Strategy has increased its holdings by nearly 100,000 BTC in the first half of the year through preferred stock financing to purchase Bitcoin, significantly raising capital costs. K33's scenario simulation shows that without using preferred stock financing, Strategy's Bitcoin holdings as of Monday would be 843,303 BTC, while the actual holdings are 848,250 BTC, only increasing by 4,947 BTC. At the same time, the preferred stock has resulted in an annual dividend expenditure of approximately $725 million, which, based on the current Bitcoin price of about $83,000, corresponds to an annual cost of about 8,740 BTC. K33 believes that the preferred stock model adds complexity to what was originally a simple capital structure.

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