PANews reported on February 3 that Strategy announced that its preferred stock distributions paid in 2025 will be treated as non-taxable return of capital (ROC) for U.S. federal income tax purposes, reducing shareholders' tax base on the relevant preferred stock. Any excess will be treated as capital gains. In 2025, Strategy raised $5.5 billion through five perpetual preferred stock IPOs and an additional $1.9 billion through its ATM program. To date, the company has paid out $413 million in distributions, representing an annualized dividend yield of 9.6%. The company expects distributions to continue to be treated as capital returns over the next ten years.