Bitcoin and Michael Saylor fud

[bbc.reporter]

@Alex077. Also, after much of the fud, it appears the people who have spread them are not also giving the credit on the success of Michael Saylor!

This STRC preferred stock has paying 11.5% in dividends and this has become a very much popular investment for bitcoin holders.



Leading bitcoin treasury company Strategy (MSTR) has filed a proxy that, if approved, would allow for semi-monthly dividends on its STRC "Stretch" series of preferred stock.

The move would have no effect on STRC's annual dividend obligations or dividend rate (currently 11.5%), noted Executive Chairman Michael Saylor. Instead, he said, "[the] proposed changes are intended to stabilize price, dampen cyclicality, drive liquidity, and grow demand.

The high-yielding stock has been exceptionally popular, with outstanding notional value rising to $6.4 billion as of this afternoon's filing, according to a presentation.

Read in full https://www.coindesk.com/markets/2026/04/17/strategy-proposes-semi-monthly-dividends-on-its-popular-strc-preferred-stock

[Dogedegen]

While you guys are arguing here, Saylor just keeps buying - and in pretty big chunks…
Last week, Strategy picked up 13,927 BTC for around $1B at an average price of $71,902 per coin.
This was preceded by Saylor’s classic Sunday hint - the “Think ₿igger” post - not very specific, but clearly suggesting another large Bitcoin purchase. In a separate comment, Saylor mentioned that Strategy’s breakeven point on BTC is just a bit over 2%.
https://x.com/saylor/status/2043661116300050583
So yeah, in simple terms - it means Saylor can keep stacking BTC more or less continuously, even if the price growth is relatively small.

I think I have said it before somewhere I think, in my view Strategy has enough Bitcoin and I wish they would stop accumulating. There is a point at which something beneficial turns into something more risky than what it is worth, even if nobody could say exactly for sure where that line would be in Bitcoin. We would get various subjective answers and opinions from people, but what we can definitely say that this enterprise is becoming a systematic risk. It would also be better for them if they could get other players interested in building their own large reserves, and since they are going to be the leader by a big margin they stand the most to gain from this. Not that this is an easy job, but Bitcoin just needs one of the major companies to start building some degree of a reserve in it and that would make the others follow soon after. It is always that first mover that is the hardest to get. For example if Microsoft built a reserve of 10k BTC which would be basically nothing for their money then it is very likely that other companies like Apple and Google would join soon after.

@Alex077. Also, after much of the fud, it appears the people who have spread them are not also giving the credit on the success of Michael Saylor!

This STRC preferred stock has paying 11.5% in dividends and this has become a very much popular investment for bitcoin holders.

Leading bitcoin treasury company Strategy (MSTR) has filed a proxy that, if approved, would allow for semi-monthly dividends on its STRC "Stretch" series of preferred stock.

The move would have no effect on STRC's annual dividend obligations or dividend rate (currently 11.5%), noted Executive Chairman Michael Saylor. Instead, he said, "[the] proposed changes are intended to stabilize price, dampen cyclicality, drive liquidity, and grow demand.

The high-yielding stock has been exceptionally popular, with outstanding notional value rising to $6.4 billion as of this afternoon's filing, according to a presentation.

Read in full https://www.coindesk.com/markets/2026/04/17/strategy-proposes-semi-monthly-dividends-on-its-popular-strc-preferred-stock

This change to semi-monthly dividends is one of the changes that luckily do not increase any kind of risk. They are claiming that they will have some benefits, but we need to yet see that play out. I can't say that I am extremely doubtful that they will materialize, but I'm leaving the possibility simply as open. I am sure that some people somewhere on the internet have found various unnecessary reasons to teach everyone else why this change is a very bad thing.  

[bbc.reporter]

@Dogedegen. This is good that you are having some skepticism on Michael the Saylorman's STRC heheheh. However, when the bull market has returned and the purpose of this will be witnessed, Michael Saylor's roadmap on his investment on bitcoin will declared a creation of a genius. This skepticism is only temporary because it is presently a bear market hehe.

[jharrow_btc]

Fair point but I'd push back on the timing. The premium on MSTR has been grinding lower since Q4 and that's the real stress signal, not the sell rumor. When the at-the-market offering gets less accretive because mNAV compresses, the whole model slows. Saylor's math only works if the market keeps bidding a premium for spot BTC through equity. If mNAV goes sub-1, issuance stops and the DAT flywheel stalls. That's the scenario to watch, not a coin dump.

[Dogedegen]

@Dogedegen. This is good that you are having some skepticism on Michael the Saylorman's STRC heheheh. However, when the bull market has returned and the purpose of this will be witnessed, Michael Saylor's roadmap on his investment on bitcoin will declared a creation of a genius. This skepticism is only temporary because it is presently a bear market hehe.

Well in the scenario that you are talking about, that will definitely come true but what about all other possibilities? We are talking about creating a fair amount of risk here and huge dividend payout guarantees that are partially working under the assumption that this scenario will come to fruition. But this scenario has a timeline, it is not like they can wait for Bitcoin to grow very bullish for 10 or 20 years. So what if it does not work out as intended? What if for whatever reasons Bitcoin ends up in a protracted bear market? I mean we could see something like we experienced in the 1920s depression and stuff like that. I love what Saylor has done and is doing, but I am quite conservative when it comes to making many assumptions. I like to keep my approach low risk and not depend on primary scenario.

Fair point but I'd push back on the timing. The premium on MSTR has been grinding lower since Q4 and that's the real stress signal, not the sell rumor. When the at-the-market offering gets less accretive because mNAV compresses, the whole model slows. Saylor's math only works if the market keeps bidding a premium for spot BTC through equity. If mNAV goes sub-1, issuance stops and the DAT flywheel stalls. That's the scenario to watch, not a coin dump.

They have more than enough Bitcoin, so even if it does stop in the sense of that they can not buy more Bitcoin that would be a good thing not a bad thing. A lot of people seem to be confused and unclear what exactly is it that they want when it comes to Strategy. On one side they say they have too many Bitcoin and it is risky, on the other side they are also saying it would be a disaster if he can't buy more. So which is it? I am strongly on the side that they have enough Bitcoin and that this is starting to create a systemic risk for everyone involved. If they stopped buying Bitcoin that would be a good thing, not a bad thing as many want to make it out to be. The posts I sometimes see on X and other platforms are just crazy, imagine saying look the situation is so bad that Saylor is not able to raise money to buy more Bitcoin he only bought 780 000 Bitcoin for Strategy. It is a sign of the end! 

[Alex077]

@Alex077. Also, after much of the fud, it appears the people who have spread them are not also giving the credit on the success of Michael Saylor!

This STRC preferred stock has paying 11.5% in dividends and this has become a very much popular investment for bitcoin holders.
Leading bitcoin treasury company Strategy (MSTR) has filed a proxy that, if approved, would allow for semi-monthly dividends on its STRC "Stretch" series of preferred stock.

Yeah, that’s right - they’re planning to switch to paying dividends twice a month.
On top of that, on Sunday Michael Saylor dropped another post on X saying “Think even bigger,” along with a chart of Strategy’s Bitcoin purchase history. That’s kind of his usual move - he posts stuff like that as a hint that another BTC buy announcement might be coming soon.
This all came just a few days after the company proposed increasing the frequency of dividend payouts to shareholders, hoping to stabilize the stock price and boost demand.
they’re aiming to pay dividends twice a month - on the 15th and at the end of each month - so that’s 24 payments per year, with the current yield sitting at about 11.5%.
  more info   

[bbc.reporter]

@Dogedegen. This is good that you are having some skepticism on Michael the Saylorman's STRC heheheh. However, when the bull market has returned and the purpose of this will be witnessed, Michael Saylor's roadmap on his investment on bitcoin will declared a creation of a genius. This skepticism is only temporary because it is presently a bear market hehe.

Well in the scenario that you are talking about, that will definitely come true but what about all other possibilities? We are talking about creating a fair amount of risk here and huge dividend payout guarantees that are partially working under the assumption that this scenario will come to fruition. But this scenario has a timeline, it is not like they can wait for Bitcoin to grow very bullish for 10 or 20 years. So what if it does not work out as intended? What if for whatever reasons Bitcoin ends up in a protracted bear market? I mean we could see something like we experienced in the 1920s depression and stuff like that. I love what Saylor has done and is doing, but I am quite conservative when it comes to making many assumptions. I like to keep my approach low risk and not depend on primary scenario.

What do you speculate is Michael Saylor's timeline? It will be a very short time? My head is shaking vigorously on your very wrong assumption of this. It is very much clear that the Saylormoon is addicted on buying bitcoin very much similar to us and much of the people in this community heheheh. He will never sell this unless he is forced.

@Alex077. It very much appears that this 4 years cycle occurrence that everyone has been wishing to happen again might not be real this time if Saylor will keep buying hehehehehehe!

[Don Pedro Dinero]

@Alex077. It very much appears that this 4 years cycle occurrence that everyone has been wishing to happen again might not be real this time if Saylor will keep buying hehehehehehe!

Michael Saylor has been buying for six years now, and the four-year cycle hasn’t played out – at least not on the upside. Let’s see if his strategy finally works, because it seems that the more he buys, the worse the price of Bitcoin behaves.

[SilverCryptoBullet]

Michael Saylor has been buying for six years now, and the four-year cycle hasn’t played out – at least not on the upside. Let’s see if his strategy finally works, because it seems that the more he buys, the worse the price of Bitcoin behaves.

Continuous buying and holding bitcoins certainly work very well because Bitcoin price grows very well with market cycles. The trend over market cycles is very upwards so if buyers can purchase and hold their coins over cycles well, they will get profit.

With Strategy, it's different a lot because they don't use actual money to buy bitcoins and they have been leveraging their bitcoin purchases. In risk management, it's very dangerous and I really don't know with this continuous leveraging from Strategy, how will they end with. They can think they outsmart the Bitcoin market and many market makers in this market but if considering it bigger scale, Strategy is not a biggest business company so they are not the biggest player. Hence they truly have risk to be attacked by bigger companies and if their bad risk management turns to be death spiral trigger, their company will be at truly big risk of bankruptcy.

[Don Pedro Dinero]

Michael Saylor has been buying for six years now, and the four-year cycle hasn’t played out – at least not on the upside. Let’s see if his strategy finally works, because it seems that the more he buys, the worse the price of Bitcoin behaves.

Continuous buying and holding bitcoins certainly work very well because Bitcoin price grows very well with market cycles. The trend over market cycles is very upwards so if buyers can purchase and hold their coins over cycles well, they will get profit.

Oh really? And how do you explain the fact that the world’s biggest buyer of Bitcoin is breaking even after six years?

[SilverCryptoBullet]

Oh really? And how do you explain the fact that the world’s biggest buyer of Bitcoin is breaking even after six years?

They have yet financially broken yet but I don't know about the future. Their leveraging is simply insane and that's not good if they won't change. I think so, but I don't say I am right, only future can tell what they did is right or wrong and about their ending too.

They will be recorded as a most successful ever institutional Bitcoin investor or as a biggest failure ever. Sounds like Satoshi's prediction on future of Bitcoin but I don't exclude a future of bankruptcy for Strategy.

Right.  Otherwise we couldn't have a finite limit of 21 million coins, because there would always need to be some minimum reward for generating.  In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes.  I'm sure that in 20 years there will either be very large transaction volume or no volume.

[OgNasty]

Saylor’s massive buy this week was impressive for sure. However there are some cracks beginning to form in his structure. Certain consoles are soon able to convert to equity and put pressure on shares in the form of dilution. Not enough to cause problems yet, but this is a new concern.

[Free Market Capitalist]

Saylor’s massive buy this week was impressive for sure. However there are some cracks beginning to form in his structure.

It is also impressive how the need for annual dividend payments has increased, $200 million, according to what I saw on another website, though I haven't double-checked it. His cash reserves, which once covered 30 months of dividend payments, have now fallen to 18 months.

He plans to continue selling STRC and, to pay dividends to those who already hold STRC, to sell even more STRC. This will only work if the long-awaited supply shock occurs and the price skyrockets, or rather moons.

[fikrett]

@Alex077. It very much appears that this 4 years cycle occurrence that everyone has been wishing to happen again might not be real this time if Saylor will keep buying hehehehehehe!

Michael Saylor has been buying for six years now, and the four-year cycle hasn’t played out – at least not on the upside. Let’s see if his strategy finally works, because it seems that the more he buys, the worse the price of Bitcoin behaves.

Saylor just wants to survive. He is the biggest fish of the Treasury's sea. I wouldn't tie the price and his buys to it.. Even though it is seen as bullish / bearish signs by the crowds.

[Alex077]

@Dogedegen. This is good that you are having some skepticism on Michael the Saylorman's STRC heheheh. However, when the bull market has returned and the purpose of this will be witnessed, Michael Saylor's roadmap on his investment on bitcoin will declared a creation of a genius. This skepticism is only temporary because it is presently a bear market hehe.

Well in the scenario that you are talking about, that will definitely come true but what about all other possibilities? We are talking about creating a fair amount of risk here and huge dividend payout guarantees that are partially working under the assumption that this scenario will come to fruition. But this scenario has a timeline..

@Alex077. It very much appears that this 4 years cycle occurrence that everyone has been wishing to happen again might not be real this time if Saylor will keep buying hehehehehehe!

Yeah, I agree - Saylor kind of softens the downside during bear markets. And at the same time, he keeps a lot of Bitcoiners confident, since he’s basically the only one buying that heavily.
According to the X post, Saylor just dropped more than 2.5 billion dollars to scoop up 34,164 BTC at an average price of $74,395 each.
After this extraordinary massive buy, the company’s total Bitcoin stack is now 815,061 btc, purchased for 61.56 bill dollars overall, and average cost 75,527 per btc.
https://x.com/saylor/status/2046197791228068167
and I think even with the crypto correction and the price dipping to $78,400 last Friday, Strategy is still sitting on a small fiat loss - but the gap has shrunk a ton since the February lows.
From what I remember, this is the biggest single Bitcoin purchase Strategy has made in a while.

[Dogedegen]

What do you speculate is Michael Saylor's timeline? It will be a very short time? My head is shaking vigorously on your very wrong assumption of this. It is very much clear that the Saylormoon is addicted on buying bitcoin very much similar to us and much of the people in this community heheheh. He will never sell this unless he is forced.

Wrong assumption? To claim this is just misinformation. I am not talking about any kind of assumptions, I am talking about how finances work and how debt and dividend payouts work. It does not matter whether "Saylormoon" is addicted to buying Bitcoin or not, he can make grave mistakes like most people do. They have a limited amount of time before this enterprise will start collapsing, that is how it is built. You can pretend otherwise, but that will just make you a liar. How much time they have exactly before Bitcoin goes bullish enough nobody can be certain for sure because it depends a lot on many things such as global events and capital markets. What is clear and factual is that there is a ticking clock on this operation, Bitcoin will either have to appreciate heavily in price or this operation will start sinking.

 

Saylor’s massive buy this week was impressive for sure. However there are some cracks beginning to form in his structure. Certain consoles are soon able to convert to equity and put pressure on shares in the form of dilution. Not enough to cause problems yet, but this is a new concern.

There are always concerns, but we must be fair in the assessment of the thing. From what I can see most commentators are either biased in favor of this or biased against it, very few will give a balanced analysis of the risks and benefits of this strategy. As I said before I would prefer them to stop increasing the risk of this operation and let some time pass. If Bitcoin returns to being bullish again whether soon or in a few years they should seize that chance to massively reduce the overall risk. If they could get rid of the debt and dividends while maintaining most of the BTC that is what I would consider an extremely successful outcome.

[bbc.reporter]

@Dogedegen. You say there is no assumption, however, what you are telling everyone is already an assumption that Michael the Saylormoon will fail on his investment on bitcoin heheheeh.

Are you very much certain that Saylor will fail because other people have failed? You might correct that there might be a chance of failure, however, making an assumption that he will certainly 100% fail because there others that failed is headshaking.

Bitcoin will pump this year, next year and on the other years. There is a higher chance for success for the Saylormoon, I reckon.

[Don Pedro Dinero]

Wrong assumption? To claim this is just misinformation. I am not talking about any kind of assumptions, I am talking about how finances work and how debt and dividend payouts work. It does not matter whether "Saylormoon" is addicted to buying Bitcoin or not, he can make grave mistakes like most people do. They have a limited amount of time before this enterprise will start collapsing, that is how it is built. You can pretend otherwise, but that will just make you a liar. How much time they have exactly before Bitcoin goes bullish enough nobody can be certain for sure because it depends a lot on many things such as global events and capital markets. What is clear and factual is that there is a ticking clock on this operation, Bitcoin will either have to appreciate heavily in price or this operation will start sinking.

I’d bet that all the people who buy into Saylor’s message – especially when it comes to these dividends – have never bought dividend-paying shares in their lives, nor have they analysed companies to see if the dividend is sustainable. They simply see the Bitcoin he’s buying and think it’s bullish without stopping to consider the cost.

I’m not sure whether it will fail or be a success, but to swallow what Saylor says like that is, at the very least, naive and shows a lack of critical thinking.

@Dogedegen. You say there is no assumption, however, what you are telling everyone is already an assumption that Michael the Saylormoon will fail on his investment on bitcoin heheheeh.

Are you very much certain that Saylor will fail because other people have failed? You might correct that there might be a chance of failure, however, making an assumption that he will certainly 100% fail because there others that failed is headshaking.

Bitcoin will pump this year, next year and on the other years. There is a higher chance for success for the Saylormoon, I reckon.

On the contrary, are you very much certain that Saylor is going to succeed? He’s creating such a need for raising money to pay dividends that if he has to suspend them for just one month, the whole company will go to the dogs.

What I am seeing more and more, though, are people who are critical of Saylor – though not so much on this forum, where most people just see that he’s buying Bitcoin and immediately start saying how bullish it is without looking at anything else, as if we were in December 2024. Believing everything Saylor says without a critical eye is so 2024. Virtually none of what he said at the end of 2024 has materialized.

[BitBrainers]

The dividend sustainability question is the right one to ask. 815,061 BTC at an average cost of $75,527. Current price $77,500. He is barely above water on a fiat basis after a historic bull run. That is the uncomfortable math. But here is what most critics miss. Saylor is not running a hedge fund. He is running a conviction trade with other people's money, and he has been explicit about it from day one. The bet is simple: Bitcoin at $200K or $300K makes every liability irrelevant. The bet is not "beat the S&P by 3%."
The risk is real. The clock is real. But calling it a guaranteed failure ignores that the same critics said this at $30K, $50K, and $70K. He is still here. Still buying. Still above his average cost. Blind faith in Saylor is naive. But so is assuming he has not modeled the downside scenarios you are describing.

[Don Pedro Dinero]

I like your analysis because it avoids the simplistic view that what Saylor is doing is just cool, without delving any deeper, and it also avoids being overly pessimistic. I think, as you say, success will depend largely on how the price of Bitcoin behaves. I’d just like to point this out.

The risk is real. The clock is real. But calling it a guaranteed failure ignores that the same critics said this at $30K, $50K, and $70K. He is still here. Still buying.

But the situation has changed: when Strategy (formerly MicroStrategy) weathered the previous bear market, it did not have a product that required it to raise cash to cover monthly costs of over 100 million and rising. And just because it came through the previous bear market unscathed is no guarantee that it will fare just as well in this one.