Strategy Raises STRC Dividend to 12% and Launches $2B Buyback Program

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Last week brought decisive moves from established players and new entrants in the Bitcoin treasury space — from Strategy’s comprehensive overhaul of its STRC digital credit framework, to Adam Back’s BSTR clearing its SPAC merger vote, and BitcoinTreasuries.net refining how it calculates mNAV. These developments highlight both capital structure innovation and methodological clarity as the sector matures. Let’s break it down.

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Strategy Raises STRC Dividend to 12% and Launches $2B Buyback Programs

Strategy set its Variable Rate Series A Perpetual Stretch Preferred Stock dividend at 12.00% effective July 1, part of a broader five-part Digital Credit Capital Framework. The announcement also included a $2.55 billion USD reserve with a 12-month floor, $1 billion buyback authorizations for digital credit securities and common stock, and a formal BTC monetization program.

The rate increase follows STRC trading below par, with the stock recovering sharply after the news. Strategy explicitly stated it will no longer raise the coupon solely because the instrument trades at a discount, instead targeting a $99–$100 trading band through discretionary policy and active management. The reserve provides roughly 17 months of coverage depending on monetization capacity.

This marks a shift from reliance on a single monthly VWAP mechanism to a more robust toolkit. By treating Bitcoin as capital and enabling repurchases at accretive levels, Strategy is moving toward two-way capital management while protecting preferred holders and common shareholders from unnecessary dilution.

How We're Updating mNAV on BitcoinTreasuries.net

We’ve updated how BitcoinTreasuries.net calculates and displays mNAV to better reflect the growth and sophistication of the Bitcoin treasury sector. Going forward, mNAV is removed for companies that do not explicitly target Bitcoin-denominated performance metrics (bitcoin per share, bitcoin yield, etc.). This primarily affects miners and firms where Bitcoin is a secondary treasury holding.

For dedicated Bitcoin Treasury Companies, the default metric is now Enterprise Value mNAV: (Market Cap + Total Debt + Preferred Stock - Cash) / (BTC Holdings × BTC Price). Individual company pages will prioritize this view while still showing Basic and Fully Diluted alternatives.

This shift better accounts for full capital structures and senior claims on Bitcoin assets. It aligns with how leading treasury operators communicate with institutional investors in filings and dashboards.

We believe the change reduces misleading comparisons and provides a clearer lens on companies truly engineered around Bitcoin as a primary asset.

BSTR SPAC Merger Vote Set for Thursday

Adam Back's BSTR Holdings will hold its SPAC merger shareholder vote on Thursday, July 2. The deal would bring the company public with an initial 30,021 BTC treasury and substantial committed capital. A $1.5 billion PIPE could push totals near 53,500 BTC, potentially claiming second place with a competitive low cost basis. Details here

The structure features Bitcoin-denominated PIPE elements and active management via options and trades. Leadership blends Bitcoin-native and institutional expertise.

Approval would mark a major step toward top-tier ambitions.

A look at the leaderboard

The leaderboard saw limited movement this week. Neither Strategy nor Strive bought any Bitcoin, CIMG saw notable rank movement after its 207.7 BTC acquisition. OranjeBTC added 74 BTC as part of its ongoing accumulation. Looking ahead, successful execution of BSTR's capital plans could quickly challenge higher positions, and Strategy's framework refinements signal continued optionality in how the leader funds further growth.

Take the Digital Credit Survey

We just opened the BitcoinTreasuries.net Digital Credit Survey — built by our analysts to capture exactly what investors think right now: whether you bought the dip, where you see prices going, who you trust to issue, and how large this market gets by 2027.

It takes less than 15 minutes. No name or email is required, and the results will run in an upcoming BitcoinTreasuries.net report — so you'll see how your read stacks up against the rest of the market.

Special thanks to our partners:

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• Cadena Bitcoin. A p2p bitcoin lending marketplace with a unique emphasis on working with treasury firms and businesses, as well as the savvy bitcoin-native investors who visit our website. Learn more: Cadena Bitcoin

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• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

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• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing best-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc

• XCE. An executive recruitment group that combines a profitable recruitment business with a Bitcoin treasury strategy. The company turns over a decade of executive recruitment experience and four years of Bitcoin accumulation into a public Bitcoin‑powered growth engine, using a proven operating business to drive Bitcoin treasury accumulation. Learn more: XCE

• Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite