Bitcoin proxy Strategy’s 11% yield is shifting the economics of a massive $5B MSTR short bet

Institutional interest in Strategy’s (formerly MicroStrategy) preferred securities is building at a time when the company’s common stock, MSTR, remains one of the market’s most-watched bearish trades tied to Bitcoin . The clearest signal came this week, when Prevalon Energy and Anchorage Digital said at Strategy World 2026 that they had each allocated part of their corporate treasury to STRC, Strategy’s variable-rate perpetual preferred stock. Those developments matter because they suggest Strategy is finding demand for its capital structure outside the common stock, MSTR, which remains one of the market’s most heavily shorted large-cap names. Still, Strategy is buying Bitcoin, even as the top crypto trades below the company’s average purchase cost. Related Reading Buy high, sell never: Saylor keeps buying Bitcoin at local tops despite mounting risk Despite criticism for "buying the top," Strategy’s BTC plays aim for entrenched stability in an evolving market. Nov 11, 2025 · Oluwapelumi Adejumo That combination has kept debate around the stock intense, especially among investors focused on whether the Michael Saylor -led firm's financing model can keep supporting its Bitcoin accumulation strategy without putting more pressure on the common stock. The question, then, is not whether institutional buying in the preferred stack can end shorting in MSTR. It probably cannot. The more important question is whether that demand can gradually improve Strategy’s cost of capital, and in doing so, weaken one of the core arguments behind the short case. That short case has general