Strategy Carries $22.2B Debt Burden as Preferred Dividends Rise to $904M in 2026

According to its May 26 SEC filing, Strategy carries $6.7 billion in convertible notes and $15.5 billion in preferred stock, with annual preferred dividend payments projected to rise from $217 million in 2025 to $904 million in 2026, according to VanEck analysis. The company holds 843,738 Bitcoin as of May 25, 2026, representing approximately 4 percent of all Bitcoin in existence.

A Polymarket prediction contract prices the probability of a Strategy margin call in 2026 at roughly 8.5 percent. In May 2026, Strategy repurchased $1.5 billion of its 2029 convertible notes at an 8 percent discount, reducing near-term refinancing pressure.