StrategyBTCCredit--Renee_OKX

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Strategy's "Digital Credit Capital Framework" (announced June 29) formalized Saylor's break from "never sell" into an active capital management system. It boosted the STRC preferred dividend to 12%, authorized up to $1B in buybacks of its "Digital Credit" preferreds (STRC, STRF, STRD, STRK) plus another $1B for MSTR common, and gave the board authority to sell up to $1.25B in Bitcoin from its treasury to fund dividends, service debt, and support buybacks.

The math behind it: Saylor's "BTC Breakeven ARR" metric says Bitcoin only needs to appreciate faster than 3.3% annually for capital gains to fund STRC dividends indefinitely — up from an earlier 2.05% threshold as obligations grew (~$1.5B/year across five preferred instruments) and BTC's price retreated.

The framework already faced its first real test: Strategy sold 3,588 BTC for $216M in early July — its largest sale ever — trimming holdings to roughly 843,775 BTC. STRC has since broken its $100 peg, trading near $89. Critics like Peter Schiff argue the breakeven math assumes dividend obligations stay flat, when they've kept climbing with each new preferred issuance; supporters counter that Bitcoin's historical returns vastly exceed the 3.3% bar.

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