Strategy’s STRK Outperforms Bitcoin and S&P 500 While Delivering Attractive Yield and Unique Market Exposure
Strategy (MSTR) continues to advance its bitcoin acquisition approach, with its perpetual preferred stock, STRK, outperforming both bitcoin and the S&P 500 since its February debut. STRK also offers investors an appealing fixed yield combined with differentiated exposure to bitcoin through its capital deployment model.
According to data shared by Twitter account DogCandles and a recent SEC filing, STRK recorded its largest weekly at-the-market (ATM) issuance proceeds since the program’s inception in February, raising $59.7 million. The funds were immediately used to purchase additional bitcoin, boosting Strategy’s total BTC holdings. The issuance corresponds to roughly 621,555 STRK shares sold, with about $20.79 billion still available under the STRK ATM facility.
Led by Executive Chairman Michael Saylor, Strategy remains committed to expanding its bitcoin portfolio as BTC maintains a price above $100,000, aiming to approach its January high near $109,000. Following Monday’s purchase, Strategy holds 576,230 BTC.
A key performance metric, the BTC yield, currently stands at 16.3%, reflecting the year-to-date increase in bitcoin exposure per share. This yield measures the growth in Strategy’s bitcoin holdings relative to its diluted shares outstanding.
The latest STRK issuance accounts for just under 9% of total proceeds raised through the ATM program for Strategy’s common stock, which has amassed $705.7 million to date. This highlights STRK’s growing role in the company’s bitcoin acquisition strategy.
STRK carries a fixed 8% annual dividend, based on its $100 liquidation preference, translating to an $8.00 annual payout per share. The effective yield—annual dividend divided by the STRK share price—currently stands at 8.1%. Notably, this yield moves inversely to STRK’s share price; as the price rises, the yield declines, and vice versa.
Since launching on February 10, STRK shares have appreciated by 16%, surpassing bitcoin’s 10% gain and the S&P 500’s 2% decline over the same period.
Data from Strategy’s dashboard reveals STRK has the lowest correlation with MSTR common stock at 44%, indicating a distinct trading profile. Meanwhile, STRK shows relatively stronger correlations with broader benchmarks: 71% with bitcoin and 72% with the SPY ETF.
This unique positioning makes STRK potentially attractive for investors seeking differentiated exposure, combining the characteristics of a preferred equity instrument with capital tied to bitcoin’s performance.
