According to ChainCatcher, Jiang Zhuoer said in a post that MicroStrategy (MSTR) currently holds about $55 billion worth of Bitcoin assets. These holdings correspond to roughly $1.7 billion in annual dividend payments on its STRC preferred shares. Based on that calculation, if viewed only from the perspective of asset coverage, MSTR could theoretically cover about 32 years of dividend needs by selling BTC.
STRC’s preferred-share structure reduces near-term repayment pressure
Jiang noted that STRC is a preferred share rather than a debt instrument, meaning it does not carry the traditional pressure of mandatory principal repayment. From a financial-structure perspective, MSTR does not face a “forced-liquidation-style leverage risk” or a short-term solvency crisis. In this framing, the central issue around STRC is not a typical debt maturity and principal repayment schedule, but the relationship between ongoing dividend payments and the volatility of crypto assets.
At the same time, Jiang said the discussion itself reflects rising concern in the market over MSTR’s long-term cash flow and the volatility of its crypto holdings. STRC has already shown clear discount fluctuations, while refinancing capacity has become constrained. Under these conditions, investors do not share a single interpretation of the preferred-share structure, the source of dividend payments, or the arrangement of MSTR’s BTC holdings.
BTC accumulation methods and Bitcoin per share come under review
Jiang also said that MSTR has recently relied more on common-share issuance and similar methods in the process of increasing its BTC holdings. When mNAV is below 1, such actions may dilute the amount of Bitcoin represented by each share, making the strategy difficult to repeat over the long term. For a company whose core narrative centers on BTC holdings, the relationship among accumulation methods, financing conditions and shareholder interests affects how the structure is evaluated.
Jiang said that even if the actual amount of BTC MSTR sells to pay dividends is not large relative to the overall market, its symbolic significance may be more important. Such sales may put pressure on market confidence and prompt investors to reassess the possibility of “long-term passive coin selling.” The market does not have a unified understanding of this structure, and that difference in perception itself may become an important factor influencing expectations and sentiment.