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Strategy (MSTR), the Bitcoin treasury company, has announced a proposal to change the dividend payment frequency on its perpetual preferred equity, STRC, from monthly to semi-monthly. The amendment will be put to a shareholder vote on June 8.
If approved, the company said the change would keep the existing 11.5% annualized dividend rate and maintain total annual dividend obligations at approximately $1.2 billion. The first bi-monthly payout is expected on July 15.
Strategy said the shift is intended to improve price stability for STRC. The company reported that STRC has historically experienced an average price decline of $0.45 following each ex-dividend date, with recovery back to its $100 par value typically taking about two weeks.
Strategy said these recurring drops matter because when STRC trades below par, it limits the company’s ability to issue shares through its at-the-market (ATM) program—an important channel for raising capital to purchase Bitcoin. By spreading dividend payments across two intervals per month, Strategy aims to reduce the magnitude of these price swings and keep STRC closer to par, supporting more consistent capital deployment into Bitcoin.
The company also argued that more frequent dividend distributions could reduce reinvestment delays and distribute buying pressure more evenly throughout the month. Strategy said the twice-monthly schedule aligns with the standard U.S. payroll cycle, which it expects may broaden investor appeal while creating additional entry and exit opportunities for shareholders.
Strategy provided historical volatility figures for STRC, stating that volatility averaged 13% between August 2025 and March 2026. It said volatility then fell sharply to 2% from March to April 2026.
The company also noted that STRC briefly fell below $99 after the April 15 ex-dividend date, an example of the volatility it is seeking to address through the proposed payment-frequency change.
Strategy said that if shareholders approve the amendment, STRC would become the only semi-monthly dividend-paying preferred stock in the U.S. market. It cited that there are currently 921 quarterly-paying and 32 monthly-paying preferred equities available.
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