Strategy Proposes Daily Dividend Accrual on Its Four Preferred Shares

Strategy, the bitcoin-treasury firm run by executive chairman Michael Saylor, has filed a preliminary proxy proposing that dividends on its four U.S. preferred shares — STRF, STRC, STRK and STRD — accrue on every calendar day, including weekends and holidays, and pay the next business day, according to Decrypt, which cited the filing along with a Saylor post on X and comments from company executives.

The economics are otherwise unchanged, Saylor said on X; the shift is to how often dividends accrue, not how much. A definitive proxy is due October 5, and shareholders vote October 28, per Decrypt. If approved, STRC would switch first — first record date November 1, first payment November 2 — while STRF, STRK and STRD finish the quarter on the existing schedule, paying a final time December 31 before moving to daily accrual on January 1.

STRC currently accrues on 24 record dates a year; all four would move to 365. For the three that pay quarterly, president and CEO Phong Le put the frequency increase at "90 times," Decrypt reported.

Strategy frames the change as volatility management. "The way that you create low volatility and high liquidity is to shorten the duration of the instrument and to actively manage the credit," Saylor said, adding that higher-frequency adjustments lower volatility. Le said STRC's price fell about 49 basis points the day before its dividend when it paid monthly, narrowing to roughly 36 basis points after a June switch to semi-monthly. Le also called the plan "the first global security in the world with calendar day accruals and dividends" — a claim from the company itself, not independently verified here.

Key facts

• Preliminary proxy filed September 25, 2026; definitive proxy due October 5; shareholder vote October 28 (Decrypt, citing the filing).
• Covers STRF, STRC, STRK, STRD; daily accrual, next-business-day payment, economics unchanged (Saylor, via X).
• STRC switches November 1; the other three switch January 1 (Decrypt).
• STRC moves from 24 record dates to 365; quarterly payers see a ~90x frequency increase (Le, via Decrypt).
• Pre-dividend price dip: ~49 bps monthly, ~36 bps semi-monthly (Le, via Decrypt).

The real-world read

The volatility figures — 49 bps down to 36 — come from Strategy's own CEO, describing Strategy's own security, in support of Strategy's own proposal; treat them as an interested party's evidence, not neutral data. The "first global security in the world" and "only securities anywhere on 365-day accruals" lines are marketing superlatives from the company, unverified independently. Worth noting why the preferreds matter so much: Decrypt reports Strategy bought $139 million of STRC this month while pausing bitcoin purchases, raised $2 billion selling MSTR stock, and has a framework to sell up to $1.25 billion of bitcoin to service these obligations. Smoother, more frequent dividends make these instruments easier to keep selling — which is how Strategy funds itself. This is a proposal, not law; it needs the October 28 vote, though prior changes passed comfortably (97.5% of STRC holders backed the semi-monthly move in June, per Le).

Opinion, and whose

Saylor's thesis — that shortening duration and raising adjustment frequency cuts volatility and aids liquidity — is his stated rationale, not an established outcome. Le's expectation of steadier month-end marks, index inclusion and better collateral haircuts is the company's forecast, not fact.

Sources

• Decrypt (Tier 2, secondary) — the proxy filing, timeline, share mechanics, and executive quotes from Saylor and Le; itself citing Strategy's preliminary proxy and Saylor's September 25 post on X.
• Michael Saylor (@saylor), X — primary statement of the proposal's scope and rationale (a company principal; promotional framing).

Not financial advice. Figures cited are as reported; verify against Strategy's proxy filing before drawing conclusions.