Strategy said bitcoin's annual break-even return needed to sustain its preferred stock dividends over the long term is 2.05 percent.

On April 12 local time, blockchain outlet BeInCrypto, citing figures disclosed by Strategy Chairman Michael Saylor (마이클 세일러), reported that if bitcoin rises above that level over the long term, the company can continue to cover preferred dividends without issuing new common shares.

The key is that the company can fund preferred dividends using gains in the value of its bitcoin holdings. Saylor said, "Our break-even annual return on bitcoin is about 2.05 percent." He added, "If bitcoin grows faster than this over time, we can fund dividends indefinitely without issuing new MSTR stock."

The metric refers to the minimum bitcoin price increase needed to cover the dividend burden across Strategy's preferred shares. It includes STRC. STRC is a Series A perpetual preferred with a floating-rate structure and currently offers an annual yield of 11.5 percent. The product trades around a $100 par value, and dividends are paid in cash each month. The company is using proceeds from the STRC issuance to buy additional bitcoin.

Strategy currently holds 780,897 bitcoin, with an average purchase price of $75,577 per coin. The total holding value was put at about $59.0 billion. In a separate post, Saylor also shared a cumulative bitcoin purchase chart along with the message, "Think bigger."

Based on the current holding size, the period over which dividends can be paid is calculated at about 48.7 years. The 2.05 percent break-even return is much lower than bitcoin's historical annualised return, showing a structure in which the company can maintain high-dividend preferred shares while pursuing additional bitcoin purchases even if bitcoin continues only a gradual rise.

Saylor also said STRC's "stretch dividend rate" in April 2026 remains 11.50 percent. Because STRC is a perpetual preferred with no maturity, the company must continue monthly cash dividends. As a result, bitcoin's price trend is directly linked not only to unrealised gains but also to the sustainability of the preferred-share structure.

The market is also watching whether Saylor's latest post could be a precursor to a disclosure of additional bitcoin purchases. There have been times when he posted related content every Sunday and then released an 8-K filing on Monday detailing large bitcoin purchases. With the break-even return disclosure and the cumulative purchase chart posted at the same time, whether the company buys more bitcoin has emerged as a near-term point to watch.