# Artikel Terkait Dividends

Pusat Berita HTX menyediakan artikel terbaru dan analisis mendalam mengenai "Dividends", mencakup tren pasar, pembaruan proyek, perkembangan teknologi, dan kebijakan regulasi di industri kripto.

As Part of Strategy, U.S. Dollar Reserve Increased by $525 Million, Resulting in Dividend Coverage Ratio Rising to 2.1 Years

MicroStrategy's US dollar reserve increased by $525 million, boosting its dividend and interest coverage ratio to 2.1 years. The company's holdings of 843,775 BTC, acquired for an average of $75,476 per coin, remained unchanged during the reported week, with the reserve's market value at $54.36 billion representing an unrealized loss. The firm also repurchased $25 million worth of its Series C preferred stock. To build the reserve, MicroStrategy sold 5.43 million shares of its common stock, generating $544.5 million in net proceeds. The company highlighted that the bolstered reserve extends the period for dividend payments without needing to sell Bitcoin, and the unchanged BTC position signals a commitment to its strategy despite price volatility.

cryptonews.ruKemarin 13:28

As Part of Strategy, U.S. Dollar Reserve Increased by $525 Million, Resulting in Dividend Coverage Ratio Rising to 2.1 Years

cryptonews.ruKemarin 13:28

Additional $450 million fails to lift the price, what STRC truly lacks is never money

Despite raising an additional $450 million, shares of Strategy's (STRC) preferred stock fell, highlighting a deep-seated crisis of investor confidence rather than a lack of capital. The company, the world's largest corporate holder of Bitcoin, now boasts $3 billion in cash reserves, theoretically sufficient to cover dividends for 20 months. However, STRC's price remains at a 13% discount to its $100 face value. The core issue is a severe erosion of trust in founder Michael Saylor. His repeated reversals on key commitments—such as promises not to sell Bitcoin or dilute shares below a certain threshold, which were later broken—have damaged credibility. Market skepticism persists despite the high dividend yield, as STRC lacks the guarantees of a deposit account or money market fund. Ultimately, no amount of cash can restore the confidence repeatedly compromised by management's inconsistent actions.

marsbit07/15 01:58

Additional $450 million fails to lift the price, what STRC truly lacks is never money

marsbit07/15 01:58

After 13% Daily Distribution, Why Did SATA Still Fall?

Strive Asset Management's BTC-linked preferred stock SATA transitioned from monthly to daily dividend distributions on June 16, with a current annualized yield of 13%. Despite this change, SATA's price fell approximately 9.9% from June 22 to June 26. The analysis highlights that this decline reflects fundamental credit and structural risks, not simply dividend frequency. SATA represents a perpetual, cumulative preferred equity interest in Strive, not a direct Bitcoin-backed bond. Its dividends depend on Strive's corporate credit and access to capital markets. While Strive's Bitcoin holdings grew from 15,009 to 19,864 BTC between May 12 and June 18, SATA's outstanding shares grew faster (from ~4.96 million to ~7.83 million). Coupled with a drop in BTC price, the pure Bitcoin coverage ratio for SATA's stated amount fell from ~2.44x to ~1.52x. A further ~34.3% decline in BTC to ~$39,416 would bring this coverage to 1.0x. Daily dividends smooth cash flow for investors and reduce dividend-capture trading, but do not eliminate price volatility or credit risk. SATA now trades at a ~12.25% discount to its $100 stated amount, implying a market yield of ~14.81% and a credit spread of ~1,117 bps over SOFR. Key risks include a negative feedback loop if SATA trades below par, making new issuance dilutive; reliance on capital markets for dividend funding despite a ~17-month cash buffer; and the perpetual nature of the security, where dividends can be deferred. In summary, SATA innovates by providing daily income from a Bitcoin-focused corporate balance sheet, but its recent price action underscores its exposure to Bitcoin valuation, company-specific financing risks, and perpetual duration. The market is repricing it from a near-par yield product to a deeply discounted high-risk credit instrument.

marsbit07/13 02:04

After 13% Daily Distribution, Why Did SATA Still Fall?

marsbit07/13 02:04

Strive's Paper Loss Warning: Pressure from Strategy Preferred Shares Has Spread Across the Entire Bitcoin Treasury Track

Strive's disclosure that its holdings of Strategy's (STRC) preferred shares lost $7.08 million in value over eight days signals that credit risks are spreading across the Bitcoin reserve industry through cross-holdings. While not proof of insolvency, it shows how valuation pressure on one firm's securities can directly impact another's balance sheet. Strategy responded with a comprehensive credit management framework, including raising STRC dividends to 12%, authorizing share buybacks, and formalizing a plan to potentially sell Bitcoin to bolster its $2.55 billion cash reserve. However, third-party models value STRC at around $49.89 per share, far below its $100 face value, highlighting that its price depends critically on the sustainability of dividends and Strategy's financial health. The market now watches for two scenarios: either the risk is contained to Strategy, or it spreads industry-wide if STRC's discount deepens, dividends become unsustainable, and pressure spills over to securities like Strive's SATA. Key indicators to monitor are the discount rates of STRC and SATA, cash coverage for dividends, share issuance activity, and whether Bitcoin sales move from authorization to execution.

Foresight News07/09 07:10

Strive's Paper Loss Warning: Pressure from Strategy Preferred Shares Has Spread Across the Entire Bitcoin Treasury Track

Foresight News07/09 07:10

Strategy approves Bitcoin monetization program under new capital framework

Strategy has approved a board-authorized Bitcoin monetization program under a new Digital Credit Capital Framework, formally outlining for the first time how it may sell portions of its Bitcoin holdings. The framework allows the company to monetize Bitcoin to build up to $1.25 billion in U.S. dollar reserves, fund dividend and interest payments, and repurchase preferred securities and common stock. Executive Chairman Michael Saylor described it as an evolution in capital strategy, enabling Bitcoin to support shareholder value while remaining the primary treasury asset. The announcement accompanied disclosures of a $2.55 billion cash reserve, authorization for $2 billion in buybacks, and an unchanged Bitcoin holding of 847,363 BTC.

ambcrypto06/29 14:40

Strategy approves Bitcoin monetization program under new capital framework

ambcrypto06/29 14:40

No Bull Market for BTC Without STRC Re-pegging

Summary: The sustained de-pegging of MicroStrategy's (MSTR) Strategy Preferred Shares (STRC) poses a severe threat to Bitcoin (BTC) and could prevent a bull market. STRC, designed to trade near a $100 target, has plunged to around $75, effectively shutting down MicroStrategy's cheapest and most efficient funding channel. This channel was critical for its "raise funds, buy BTC" business model. More critically, MicroStrategy now faces a massive cash outflow from these preferred shares. With approximately $10.49 billion of STRC outstanding at an 11.5% dividend yield, the annual cash obligation exceeds $1.2 billion. Combined with other preferred shares, the total annual payout nears $1.7 billion, depleting its current ~$1.4 billion cash reserve within a year. To address this, MicroStrategy is increasingly relying on common stock (MSTR) offerings via its ATM program. However, recent sales show most raised capital is now used to bolster cash reserves rather than buy more Bitcoin. This dilutes the key metric of BTC per share for common stockholders, eroding the foundation of its premium valuation. If STRC cannot re-peg, this costly dilution may continue. Worse, if cash pressure intensifies, selling Bitcoin becomes a real risk. As the largest corporate BTC holder (~847,363 BTC), any significant sales could crash the market. Thus, MicroStrategy is transforming from BTC's most reliable institutional buyer into a major potential seller, casting a significant shadow over Bitcoin's price prospects.

Odaily星球日报06/26 06:21

No Bull Market for BTC Without STRC Re-pegging

Odaily星球日报06/26 06:21

Wall Street Does It Again: New US Stock ETF Automatically Reinvests Dividends into Bitcoin

Franklin Templeton has filed with the SEC to launch two Bitcoin DRIP ETFs, which would automatically reinvest stock dividends into Bitcoin. These ETFs, the Franklin U.S. Equity Bitcoin DRIP Index ETF and the Franklin U.S. Innovation Bitcoin DRIP Index ETF, would hold portfolios of 95% traditional U.S. stocks and a 5% Bitcoin exposure. The key innovation is that dividends from the underlying stocks would be systematically and automatically used to purchase Bitcoin, creating a price-insensitive, continuous source of demand. This mechanism differs from standard Bitcoin spot ETFs, as buying is driven by corporate cash flow rather than investor sentiment, potentially providing steady support even in market downturns. While the initial annual Bitcoin buy pressure from a $100 billion AUM fund is estimated at $1-1.5 billion, which is small relative to current ETF flows, the product's appeal lies in offering traditional investors a way to gain Bitcoin exposure using only dividend income, thereby lowering the psychological barrier to entry. If approved, these ETFs could pave the way for similar products from other major asset managers, expanding this new channel of passive Bitcoin demand.

marsbit06/22 11:12

Wall Street Does It Again: New US Stock ETF Automatically Reinvests Dividends into Bitcoin

marsbit06/22 11:12

How Much Longer Can Ethereum's Last Major Buyer Hold On?

"The article analyzes the precarious position of Bitmine, currently the largest and most aggressive marginal buyer of Ethereum (ETH). Despite holding a massive position of approximately 5.66 million ETH (nearing its 5% supply target) and generating staking income, the company faces over $10 billion in unrealized losses due to a high average purchase price. With ETH prices depressed, its equity has plummeted nearly 90%. To sustain its buying spree, Bitmine recently issued $274 million in perpetual preferred shares with a 9.5% annual dividend. The core dilemma is whether staking yields (3-4%) can long-term support these high dividend obligations without significant ETH price appreciation. The article warns that once Bitmine achieves its 5% goal and potentially stops buying, the ETH market risks losing its key support pillar. Other institutional buyers, like ETH ETFs, have shown net outflows, while potential new demand from stablecoin legislation or RWA tokenization remains slow to materialize. The conclusion questions who will provide the next wave of sustained buying pressure to support ETH's price, highlighting a critical uncertainty for the asset's near-term trajectory."

链捕手06/11 14:29

How Much Longer Can Ethereum's Last Major Buyer Hold On?

链捕手06/11 14:29

JPMorgan Warns Strategy’s Bitcoin Sale Spooked Markets

JPMorgan analysts warn that a small, voluntary sale of 32 bitcoins by Strategy (formerly MicroStrategy) last week unsettled crypto markets, raising concerns about the company's ability to cover its $1.7 billion annual dividend obligations without selling more of its massive bitcoin holdings. The bank notes Strategy's dollar reserves only cover about 6.3 months of dividends, suggesting a need to rebuild cash to restore investor confidence. While Strategy is expected to keep buying bitcoin, JPMorgan has turned more cautious on the broader crypto outlook, citing weaker capital flows, bitcoin's price falling below estimated production cost, and reduced likelihood of key US crypto legislation passing this year. The analysts state that a stronger second half for crypto is conditional on Strategy clarifying its dividend funding strategy and the passage of the Clarity Act, for which they now see less than a 50% chance.

bitcoinist06/08 13:31

JPMorgan Warns Strategy’s Bitcoin Sale Spooked Markets

bitcoinist06/08 13:31

Selling 32 BTC to Pay Dividends: Strategy Breaks the 'Never Sell' Vow

On June 1st, Strategy (formerly MicroStrategy) disclosed in an SEC filing that it sold 32 BTC between May 26-31 for approximately $2.5 million at an average price of $77,135. The proceeds were explicitly used to pay dividends on its preferred stock series. While negligible compared to its 843,706 BTC holdings and recent $2 billion monthly purchases, this move broke its long-standing "never sell" policy, signaling a shift in capital management. This sale is linked to Strategy's substantial dividend obligations from preferred stock issued since early 2025, which have consumed a significant portion of its dedicated $2.25 billion cash reserve. During a recent earnings call, the CEO mentioned "disciplined sale of bitcoin" as a potential tool, foreshadowing this event. Analysts note the financial impact is minimal, but the symbolic precedent is significant, indicating future sales are possible if cash reserves dwindle. The disclosure coincided with Bitcoin's price falling below $72,000 amid broader market weakness, including record monthly outflows from spot Bitcoin ETFs in May. Strategy is not alone; Q1 2026 saw other corporate Bitcoin holders like MARA, Riot Platforms, and Nakamoto Holdings collectively selling tens of thousands of BTC for debt repayment, liquidity, or strategic shifts, reversing the previous "buy and hold" corporate treasury trend.

marsbit06/02 04:35