Woofun AI reports that Jiang Zhuoer, founder of the Chinese Bitcoin mining pool BTC.top, has flagged a strategic pivot by MicroStrategy to prioritize STRC dividend payments over Bitcoin accumulation. Zhuoer argues that the largest corporate holder of Bitcoin is likely to significantly reduce or pause BTC purchases in the coming months to secure necessary capital.

This shift is evidenced by MicroStrategy's recent capital market activity, specifically the issuance of common stock for three consecutive weeks. In the first two weeks of this cycle, the company deployed raised funds to acquire roughly 1,500 BTC, maintaining its historical accumulation pace.

However, during the most recent week, MicroStrategy doubled the size of its stock issuance while simultaneously slashing its Bitcoin purchase volume to just 520 BTC.

Woofun AI data shows this discrepancy indicates the majority of newly raised capital is now being reserved for STRC dividend obligations instead of expanding the company's Bitcoin holdings. STRC is a preferred stock issued by MicroStrategy that carries no principal repayment obligation, distinguishing it from traditional debt instruments. Zhuoer notes that with MicroStrategy's debt-to-equity ratio hovering around 10%, the firm faces no imminent risk of financial collapse. He concludes that serious risk would only materialize if a prolonged Bitcoin bear market were to persist for more than a decade. This analysis reframes the potential slowdown in BTC buying not as a sign of distress, but as a disciplined approach to capital management. By prioritizing shareholder returns through regular dividends, MicroStrategy demonstrates a tactical adjustment to balance the interests of different shareholder classes. While a reduction in purchasing activity removes a major source of demand from the market, the company's low leverage suggests stability. This marks a nuanced evolution in corporate Bitcoin strategies where digital asset integration must coexist with complex equity structures.