Strategy Proposes Daily Dividends on STRC After Months of Defending Par

Strategy Inc. is asking shareholders to approve daily dividends on all four of its U.S.-listed preferreds — STRC, STRF, STRK, and STRD. The company filed the preliminary proxy on September 25. Shareholders vote on October 28. Voting should open around October 5 once the final proxy is out.

If it passes, STRC moves first. The last twice-a-month record date is October 15. November 1 would be the first daily record date, with the first payment on November 2. The three quarterly preferreds — 10% Strife (STRF), 8% Strike (STRK), and 10% Stride (STRD) — keep their current schedule through a December 31 payment, then switch on January 1, 2027. First payments on those three would land around January 4.

The coupon rates do not change. The yearly cash due does not change. The clock does. Every calendar day, including weekends and holidays, would count as a record date, with payment on the next business day. STRC would go from 24 record dates a year to 365, or 366 in a leap year. STRF, STRK, and STRD would go from four. Strategy’s deck calls that dividends hitting about 15 times more often on Stretch and about 90 times more often on the quarterly names.

On STRC, that just splits the check they already pay. At an illustrative 12% on the $100 face amount, the current $0.50 twice-a-month dividend becomes about three cents a day for the first 15 days of the month, with the rest of the month soaking up the leftover cents so the total is the same. The quarterly preferreds would be sliced the same way.

“Our objective is for STRC to trade between $99 and $100, but generally we’re targeting $100 par value,” he said. “When it trades above $100 we have the ability to sell it into the market to strip the volatility above $100. If it falls below $100 we have the ability to buy it in order to damp the volatility.”

Le pointed back to the last frequency change, which was STRC only. In June, shareholders approved twice-a-month Stretch dividends with 97.5% of STRC votes cast and 99.9% of common votes cast. Strategy has paid $255 million on that schedule since. The company says the drop on the ex-dividend day shrank from about 49 basis points when it paid monthly to about 36 basis points after it went twice a month. Daily is the next attempt to flatten that move — and this time STRF, STRK, and STRD come along instead of staying on a quarterly calendar.

Stretch has spent months trying to get back to $100. It fell into the mid-$70s in June when bitcoin sold off, which shut the at-the-market tap Strategy uses when the preferred trades above par. The company lifted the coupon to 12%, ring-fenced a dollar reserve, and started buying STRC back. That buyback program has now retired more than a billion dollars of the stock. The latest weekly filings still show cash going into those purchases. STRC closed September 24 at $98.31, close to par after a long grind, but still short of it.

Saylor called this version five of Stretch: monthly variable coupons at the July 2025 IPO, then an at-the-market shelf, dollar reserves, twice-a-month payments, and now daily accruals across all four U.S. names. He put Stretch at more than $9 billion outstanding, more than $100 million of daily trading, a 3.8-year dollar duration, and enough bitcoin, he said, to cover decades of dividends.

Strive got there first. Its SATA preferred started paying cash every U.S. business day on June 16, 2026, the first listed U.S. stock to do it, at 13% a year on $100 par — about 250 paydays a year. Strategy’s version covers four tickers, and weekends and holidays count. The deck says a yes vote would leave five preferreds in the world paying daily dividends, worth about $15 billion together, and only Strategy’s four would accrue on a 365-day calendar.

Strive CEO Matt Cole quoted Saylor’s post: “Daily dividends are the way. Great move.”

Le’s argument to preferred holders is simple. Cash every day should cut the month-end mark that funds hate, get dividends working again faster, and make the paper easier to use as short-term cash or as collateral. The argument to common holders is the same loop Strategy has sold since it started issuing these things: a tighter preferred is easier to sell, more preferreds buy more bitcoin, and more bitcoin per share is what MSTR is for. Strategy held 846,000 BTC as of September 20, about 4% of supply.

The board still has to declare the dividends, and it can still drop the amendments before they go live. The proxy, the deck, and the vote page are at strategy.com/mstr/vote.