According to CryptoSlate, Strategy will increase its Bitcoin holdings by 26% this year to 848,517 BTC, but as of October 25, its BTC Yield—a metric measuring the change in Bitcoin exposure per diluted share—stood at -3.7% year-to-date, down 8.2 percentage points from 4.5% in July. The company raised $5.4 billion in the third quarter by selling common stock, but used only $588.1 million of that to purchase Bitcoin; in 2026 it also sold about $431.8 million worth of Bitcoin to support preferred stock dividends and STRC buybacks. Strategy has spent more than $2 billion repurchasing approximately 20.98 million shares of STRC, and has paid out nearly $1.5 billion in cumulative preferred stock dividends. K33 believes a simpler, direct Bitcoin-buying strategy could achieve a similar holding size while reducing financing costs, whereas Bitwise argues that Strategy's credit quality is being underestimated by the market.