According to ChainCatcher, Jiang Zhuoer said in a post that MicroStrategy (MSTR) currently holds approximately $55 billion in Bitcoin assets. Against that asset base, the company’s STRC preferred stock corresponds to around $1.7 billion in annual dividend payments. Based on those figures, he said that, in theory, MSTR could cover roughly 32 years of dividend needs by selling BTC.
$55 Billion in Bitcoin and $1.7 Billion in Annual Dividends
Jiang’s discussion drew a distinction around the financial nature of STRC. STRC is preferred stock, not a debt instrument. Because of that, it does not carry the kind of mandatory principal repayment pressure associated with traditional debt. From this financial-structure perspective, MSTR does not face what he described as a “forced liquidation-style leverage risk,” nor does it face a short-term repayment crisis.
That distinction is central to the argument: preferred-share dividends and debt principal repayments are not the same thing. The STRC structure should therefore not be interpreted as a conventional liability that must be repaid on a fixed near-term schedule. At the same time, Jiang’s remarks also show that discussion around MSTR’s long-term cash flow and the volatility of crypto assets is increasing.
STRC Discount Volatility and Financing Constraints
Jiang also noted that STRC has already shown clear discount volatility, while refinancing capacity has become constrained. In addition, MSTR has recently relied more on common-share issuance and similar methods while increasing its BTC holdings. When mNAV is below 1, such issuance may dilute the amount of Bitcoin represented by each share, according to the statement. Jiang said this strategy is difficult to repeat over the long term.
He added that even if the actual amount of BTC MSTR sells to pay dividends is not large relative to the overall market, the symbolic significance may be more important. Such sales may put pressure on market confidence and lead investors to reassess the possibility of MSTR becoming a long-term passive seller of Bitcoin. Jiang said market participants do not share a single understanding of this structure, and that difference in perception itself may become an important factor affecting expectations and sentiment.