According to CoinMeta, research institution K33 believes that although Strategy’s financing through preferred stocks STRC helped it purchase nearly 100,000 bitcoins in the first half of 2026, the high annual dividend cost of about $725 million will offset the profits. Calculated at $83,000 per bitcoin, this cost is equivalent to approximately 8,740 BTC. If the approximately $7.5 billion raised through STRC is excluded and the related funds are used for buying bitcoins, Strategy’s holdings would only be about 4,947 BTC more than current holdings. In about seven months, the dividend cost would be enough to cover this difference. K33 evaluates this financing model as a mistake.