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

Digital Asset Treasuries ▸ Strategy ▸ Bitcoin Neutral Bitcoin proxy Strategy’s 11% yield is shifting the economics of a massive $5B MSTR short bet Strategy’s diversified funding model draws institutional interest, challenging traditional short-selling arguments. Oluwapelumi Adejumo • Feb. 26, 2026 • 7 min read Oluwapelumi Adejumo Senior Reporter • CryptoSlate Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power. @hardeyjumoh Editor Liam 'Akiba' Wright Editor-in-Chief Share 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.