#strategy拟对四只优先股按日派息
Once every day for dividends (365 times a year): Strategy with 846,000 BTC needs to change the preferred share dividend to "paid once per day"
💬 进群一起分析行情
Strategy has just submitted a proposal to shareholders, changing the dividend schedule for its four preferred shares—STRF, STRC, STRK, and STRD—from periodic payments to counting every calendar day as the record date (including weekends and holidays), with the funds received on the next business day. Shareholders will vote on it at an online special meeting on October 28.
Note that only the frequency is changing: the stated dividend rate and the total dividend amount remain exactly the same. So why go through all this? The answer is hidden in STRC.
STRC’s annualized dividend yield is 12%, with a par value of $100. But since May this year, it has been trading below $100. After the big Bitcoin drop in June, it once fell as low as $71.25; it has since recovered to about $98.65—still short of $100 by one last breath. Strategy CEO Phong Le made a rare admission on a podcast: the leverage added to STRC by the market was far beyond expectations. Some people used Bitcoin as collateral to borrow money at low cost to buy STRC, profiting from the spread between the "borrowing cost" and the "12% dividend." When Bitcoin fell, leveraged positions were forced to unwind, and the price couldn’t hold naturally. His exact words were, "We didn’t expect this much leverage to come in. It’s been a lesson."
The timeline is also set: STRC will be the pilot. After approval, the first daily dividend will be paid on November 2; STRF, STRK, and STRD will transition in January next year, with the first payment expected on January 4. This move isn’t something Strategy invented. Strive, back in May, provided SATA preferred shares with dividends paid on business days, with an annualized yield of 13%—and its pricing stayed even tighter to 100. Strategy’s difference is that it doesn’t even leave weekends out.
A quick volume comparison shows just how big this experiment is: Strategy holds 846,000 Bitcoins, with total cost of $63.8 billion, averaging $75,416 per coin. Strive has only 26,355 coins. Meanwhile, Strategy is also repurchasing its preferred shares. Of the $2.0 billion authorization, about $1.0 billion has already been used. In the week of September 20 alone, it bought $174 million worth of STRC. After the news, MSTR closed Friday at $158.61, down 2.15%.
My take: splitting dividends into daily payments is essentially an "experience upgrade" for preferred shares—so holders see cash flow every day, reducing selling pressure and shrinking the discount, and making it easier to attract long-term institutions. But this is financial engineering, not fundamental repair: the damage left by leveraged trades and the discount below $100 have not been fixed by this single proposal. When Bitcoin doesn’t rise, coin-holding companies can only adjust their own capital structure.
Do you think "dividends paid once per day" is truly stable, or is it just patching holes with other holes? Let’s discuss in the comments.
Click the avatar to watch the live stream
Every day, follow crypto hotspots with you—more than just seeing what happens in the news, it helps you understand the logic and opportunities behind it 👀🚀
Once every day for dividends (365 times a year): Strategy with 846,000 BTC needs to change the preferred share dividend to "paid once per day"
💬 进群一起分析行情
Strategy has just submitted a proposal to shareholders, changing the dividend schedule for its four preferred shares—STRF, STRC, STRK, and STRD—from periodic payments to counting every calendar day as the record date (including weekends and holidays), with the funds received on the next business day. Shareholders will vote on it at an online special meeting on October 28.
Note that only the frequency is changing: the stated dividend rate and the total dividend amount remain exactly the same. So why go through all this? The answer is hidden in STRC.
STRC’s annualized dividend yield is 12%, with a par value of $100. But since May this year, it has been trading below $100. After the big Bitcoin drop in June, it once fell as low as $71.25; it has since recovered to about $98.65—still short of $100 by one last breath. Strategy CEO Phong Le made a rare admission on a podcast: the leverage added to STRC by the market was far beyond expectations. Some people used Bitcoin as collateral to borrow money at low cost to buy STRC, profiting from the spread between the "borrowing cost" and the "12% dividend." When Bitcoin fell, leveraged positions were forced to unwind, and the price couldn’t hold naturally. His exact words were, "We didn’t expect this much leverage to come in. It’s been a lesson."
The timeline is also set: STRC will be the pilot. After approval, the first daily dividend will be paid on November 2; STRF, STRK, and STRD will transition in January next year, with the first payment expected on January 4. This move isn’t something Strategy invented. Strive, back in May, provided SATA preferred shares with dividends paid on business days, with an annualized yield of 13%—and its pricing stayed even tighter to 100. Strategy’s difference is that it doesn’t even leave weekends out.
A quick volume comparison shows just how big this experiment is: Strategy holds 846,000 Bitcoins, with total cost of $63.8 billion, averaging $75,416 per coin. Strive has only 26,355 coins. Meanwhile, Strategy is also repurchasing its preferred shares. Of the $2.0 billion authorization, about $1.0 billion has already been used. In the week of September 20 alone, it bought $174 million worth of STRC. After the news, MSTR closed Friday at $158.61, down 2.15%.
My take: splitting dividends into daily payments is essentially an "experience upgrade" for preferred shares—so holders see cash flow every day, reducing selling pressure and shrinking the discount, and making it easier to attract long-term institutions. But this is financial engineering, not fundamental repair: the damage left by leveraged trades and the discount below $100 have not been fixed by this single proposal. When Bitcoin doesn’t rise, coin-holding companies can only adjust their own capital structure.
Do you think "dividends paid once per day" is truly stable, or is it just patching holes with other holes? Let’s discuss in the comments.
Click the avatar to watch the live stream
Every day, follow crypto hotspots with you—more than just seeing what happens in the news, it helps you understand the logic and opportunities behind it 👀🚀
