[DigitalToday reporter Jinju Hong] Michael Saylor (마이클 세일러), chairman of Strategy, released an internal analysis saying the company could effectively continue dividends on its STRC preferred shares for an unlimited period using only profits from selling bitcoin if bitcoin rises more than 3.3 percent a year.

CoinPost, a blockchain media outlet, reported on Tuesday that Saylor released material on X, formerly Twitter, linking the sustainability of dividends on STRC preferred shares to bitcoin price moves.

The calculation is that bitcoin’s price gain determines the ability to maintain STRC dividends. Strategy estimated dividend funding based on annual bitcoin price swings and set the break-even point at a 3.3 percent annual rise. It explained that if bitcoin rises above that level, it can continuously secure dividend funding using only profits from selling part of its bitcoin holdings.

Saylor also stressed that the company has substantial capacity to pay dividends even if bitcoin does not rise at all. Assuming the current capital structure is maintained, it calculated it could pay STRC dividends for about 31 years even with an annual return of 0 percent. It said the estimate is a reference value based on asset 규모 as of July 5.

STRC is a preferred share issued by Strategy, with a dividend structure linked to the company’s bitcoin holding strategy. Investors’ key concern has been not only the high dividend rate but also whether dividends can be maintained stably over a long period. The material is seen as an attempt to explain dividend sustainability in numerical terms.

The calculation comes as the company recently announced a new capital management policy. Strategy introduced the Digital Credit Capital Framework on June 29 and announced a policy to maintain cash-like reserves sufficient to cover preferred dividends and interest payment obligations for at least 12 months. The company’s dollar reserves at the time were about $2.55 billion.

At the same time, the board approved a Bitcoin Monetization Program of up to $1.25 billion. The company said it could, if needed, use funds secured by selling its bitcoin holdings to build reserves, pay dividends and buy back its own shares. Strategy explained that these liquidity measures could cover about 25.9 months of preferred dividend and interest payment obligations.

Dividend terms have also been strengthened. The STRC dividend rate was raised to 12 percent a year from the 기준 date after July 1. Saylor’s release of the analysis is also interpreted as aimed at explaining the new dividend policy and cash management system to the market.

The company also made clear that the calculation is a simulation based on certain assumptions. It said it is reference material calculated on the assumption that the capital structure does not change, and specified it is not advice for investment decisions. It said actual dividend sustainability may vary depending on bitcoin price trends and the company’s capital management approach.

In the industry, the material is being seen as an example showing Strategy is not stopping at simply holding bitcoin, but is building a new capital management model combining held assets, cash reserves and a bitcoin sale program. Whether bitcoin prices can maintain the 3.3 percent annual threshold Saylor presented, and how the company will actually use the approved bitcoin sale limit, are emerging as key market concerns.