Strategy's "Net Bitcoin Per Share" calculation divides total BTC holdings (226,500 as of Q1) by diluted common shares outstanding, then subtracts the Bitcoin-equivalent value of preferred obligations. At current prices, the 1.2 million STRC shares retired represent roughly 159 BTC in avoided dividend pressure annually. For context, that's equivalent to the daily output of approximately 3.2 exahash of mining capacity at today's difficulty and energy costs.

For industrial miners, the signal is nuanced. Strategy's ability to issue preferred stock at 8% and buy it back below par creates a perpetual Bitcoin accumulation engine that doesn't require hashrate expansion. Public miners like Marathon, Riot, and Core Scientific must deploy capital into ASICs and infrastructure with 18-24 month payback windows. Strategy deploys into Bitcoin directly with immediate liquidity.

• Strategy repurchased 1.2 million STRC preferred shares at $84.17 average, cutting $9.6M in annual dividend obligations.

• The buyback increases Net Bitcoin Per Share by 1.9% to 0.00318 BTC, equivalent to avoiding 151 BTC in annual dividend pressure.

• This marks the third STRC buyback tranche since January, each executed when Bitcoin traded below its 200-day moving average.