Michael Saylor: Bitcoin's 20% Annual Gain Is Enough to Cover the Dividend

Strategy Executive Chairman Michael Saylor said the company expects Bitcoin to appreciate by around 20%–30% annually over the long term, meaning that even with STRC paying a 12% annual dividend, the cost remains manageable under his assumptions. He described STRC as a credit instrument rather than a product that requires investors to take on Bitcoin’s full volatility. Compared with bank preferred shares, high-yield bonds and private credit, STRC offers higher yields and seeks to maintain relative price stability through Strategy’s mechanism of buying back or issuing shares around the $100 level. Saylor said the credit foundation behind STRC comes from Strategy’s large Bitcoin holdings, and that the company aims to convert part of Bitcoin’s value into a relatively stable income-generating instrument.