Saylor's STRC Dividend Loop Is Driving Predictable Mid-Month Bitcoin Buying — But the Cost Is Compounding!

Strategy's mid-month Bitcoin bids are no accident. Research firm K33 has mapped the mechanism: investors buy STRC — Strategy's perpetual preferred stock — ahead of its 15th-of-the-month ex-dividend cutoff, pushing the instrument back toward its $100 par value. Once STRC trades at or above par, Strategy issues new shares via its at-the-market program and deploys the proceeds into spot Bitcoin. Data from STRC.live shows the loop activated again this week, with STRC returning to par and creating capacity to fund purchases of more than 5,000 BTC before Friday's deadline. K33's Vetle Lunde called it a mechanical source of demand. STRC-linked Bitcoin purchases have accelerated sharply: 4,467 BTC in January, 22,131 in March, and roughly 46,872 in April.

The structural cost is rising just as fast. STRC's annualized yield has climbed to 11.5%, far above the convertible debt and common stock…