Strategy Launches ‘Stride’ Shares to Buy More Bitcoin
Key Takeaways
Strategy, formerly known as MicroStrategy, plans to issue 2.5 million preferred shares under the name “Stride” (STRD). The goal is to use the proceeds to purchase additional Bitcoin (BTC). The shares offer an annual dividend of 10% and include added protection mechanisms for investors. At the same time, the company has acquired 705 BTC worth approximately 75 million USD. The crypto community’s response has been mixed.
Stride Shares: A New Funding Source for Bitcoin Purchases
Strategy continues its aggressive Bitcoin strategy. Instead of raising capital through bonds as it did in the past, the company is now turning to preferred shares. The issuance includes 2.5 million Series A Perpetual Preferred Stock under the ticker STRD. These shares offer a non-cumulative annual dividend of 10%, paid quarterly starting September 30, 2025.
“Non-cumulative” means that if a dividend is missed in a given quarter, there is no entitlement to retroactive payment. The company may redeem the shares under certain conditions, such as if less than 25% of the original shares remain outstanding or if tax considerations justify it. In such cases, investors will receive 100 USD per share plus any declared but unpaid dividends.
Investor Protection Mechanisms
Strategy has introduced additional protective provisions for STRD investors. In the event of a fundamental change in the company—such as a merger or acquisition—investors have the right to redeem their shares for cash. The redemption includes the par value of the share plus any declared but unpaid dividends up to that point.
This provision is intended to offer investors greater security and build confidence in the new financing model.
Reactions from the Crypto Community
The strategy has not been universally welcomed. Some users expressed criticism on social media. One comment read: “This is starting to look like a Ponzi scheme, Michael.” This refers to Michael Saylor, co-founder and Executive Chairman of Strategy, who is a well-known advocate for Bitcoin.
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Despite the criticism, the company is sticking to its strategy. The recent purchase of 705 BTC at a price of approximately 105,000 USD per coin underscores its long-term goal: to continue building Bitcoin as the company’s primary asset.
Market Trends: Bitcoin Above 105,000 USD
At the time of the announcement, Bitcoin was trading at 105,318.28 USD, marking a daily gain of 0.90%. The price movement coincided with the share offering and Strategy’s BTC purchase.
At the 2025 Bitcoin Conference in Las Vegas, Saylor reaffirmed his conviction: Bitcoin is the strongest form of capital in today’s financial system. In his keynote titled “21 Ways to Wealth,” he urged investors to invest in BTC for the long term.
Our Assessment
Strategy is pursuing a consistent Bitcoin strategy and is using the STRD share as a new financing tool. The 10% dividend and protective mechanisms make the offering attractive to certain investors. At the same time, the model carries risks, particularly if Bitcoin’s price fluctuates significantly or demand for the preferred shares is weak.
As an observer or investor, what matters is whether you believe in the long-term value of Bitcoin. Strategy is going all-in on this bet—with clear communication, but also growing skepticism from the community.
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