Strategy just made another move that shows how its bitcoin playbook is evolving.

The company raised the dividend on its #Stretch (STRC) preferred stock to 11.25% for February, marking the sixth increase since the product launched last year. It’s a reminder that while #Strategy is best known for its massive $BTC holdings, it’s also quietly building an income-focused capital stack designed to weather volatility.

The timing is notable. The increase came after #Bitcoin briefly slipped below levels that pushed Strategy’s average cost basis underwater, before rebounding. Rather than pulling back, the company adjusted STRC’s yield higher, reinforcing its message that these preferred offerings are actively managed tools, not set-and-forget products.

By pairing monthly dividend resets with dedicated reserve funding, Strategy is positioning STRC as a way to offer predictable income while keeping long-term conviction in Bitcoin intact. It’s a hybrid approach that blends traditional finance mechanics with a crypto-native balance sheet — and it’s becoming a bigger part of how the company navigates market swings.

For investors watching Strategy, the takeaway is clear: bitcoin may drive the headlines, but capital structure is increasingly part of the story too.