K33 claims Strategy's preferred stock financing model is incorrect, with an annual dividend cost of approximately $725 million

Research firm K33 believes that although Strategy's preferred stock STRC financing helped it purchase nearly 100000 bitcoins in the first half of 2026, the high annual dividend cost of approximately $725 million will offset the gains. Calculated at $83000 per Bitcoin, the cost is approximately 8740 BTC. If the approximately $7.5 billion raised through STRC is excluded and the relevant funds are used for coin purchases, Strategy's holdings are only about 4947 BTC more than the current amount, and the dividend cost of about seven months can offset the difference. K33's evaluation of this financing model is a mistake.