Saylor Says Strategy Can Fund Stretch Dividends Indefinitely if Bitcoin’s Long-Term Return Exceeds 3.3%

Michael Saylor, executive chairman of Strategy, said the company could effectively fund dividends indefinitely if Bitcoin’s long-term rate of appreciation exceeds 3.3%.

Writing on X on July 8, Saylor said one of Strategy’s most misunderstood metrics is Bitcoin break-even annual recurring revenue, or ARR.

If Bitcoin rises more than 3.3% over the long term, Strategy can fund Stretch dividends indefinitely through Bitcoin capital gains, he wrote. Stretch is a perpetual preferred stock that Strategy has issued since the second half of last year to raise funds for Bitcoin purchases.