Strategy (formerly MicroStrategy) has been using its X marketing budget to advertise STRC, its quasi-pegged, 11.25% dividend-yielding preferred share. Unfortunately, that expensive, direct response ad campaign didn’t yield any results for shareholders last week.
For the week of February 2-8, Strategy didn’t sell any new shares of STRC nor any other preferred shares. It only succeeded in taking out the bid on its common stock, MSTR, to raise capital from its so-called at-the-market (ATM) shareholder dilution program.
Worse, its ad campaign didn’t yield any results in the prior week. From January 26 to February 1, the company failed to sell any preferred shares.
$BTC yield growth slows despite STRC ads
Ultimately, what matters to shareholders of Michael Saylor’s bitcoin ($BTC) acquisition entity is whether or not its management can sustainably increase $BTC per share over time on a dilution-adjusted basis.
Although Strategy succeeded at generating $BTC yield in prior years, its recent progress has slowed to a crawl.
After an impressive 7.3% in 2023, 74.3% in 2024, and 22.8% in 2025, the company was only able to accrete 0.3% $BTC per share of MSTR in January 2026.
Unfortunately, its last two weeks of pure dilution of MSTR at a basic multiple-to-Net Asset Value (mNAV) below 1x, with no success at selling non-dilutive preferred shares over the past two weeks, will not improve that $BTC yield number.
Worse, its average purchase price last week of $76,056 per $BTC — and an even worse $87,974 the prior week — is continuing to lose money for the company based on the current market price for $BTC closer to $70,000.
Read more: 100% of Strategy’s convertible debt is now out-of-the-money
Indeed, its entire investment return on its $54 billion investment is decidedly negative.
The company paid an average of more than $76,000 apiece for its $BTC — more than 8% higher than $BTC’s current value.
Strategy pays for the X Premium Business Full Access tier, currently priced at $10,000 per year, to secure its gold checkmark and affiliate employees under a clickable Strategy logo.
Because this package includes a credit for X ad spend, it’s unknown how much new money Strategy outlayed, if any, to pay for its disappointing STRC ad campaign.
