Strategy Proposes Daily Dividends on Bitcoin (BTC) Preferred Shares

A 365-Day Accrual Model

Strategy (MSTR), the software company whose balance sheet became the largest corporate strategic bitcoin reserve, filed with the US Securities and Exchange Commission on September 25, 2026, to re-engineer how its preferred shares pay investors. The preliminary proxy statement (PRE 14A) asks common shareholders — voting at a special meeting on October 28 — to approve switching all four of the company's US-listed perpetual preferred series to a daily-dividend mechanism. If cleared, Strategy's Digital Credit suite would become the first US-listed fixed-income securities to accrue interest on every calendar day of the year, including weekends and holidays, with weekend and holiday amounts rolled into the next business day's payment.

The economics do not change. The annual yield stays exactly where it is; the plan simply slices each year's payout into cents-per-day increments. The structural goal is to erase the price gap that opens on ex-dividend dates: internal figures in the investor deck show STRC's average ex-date discount ran roughly 49 basis points under monthly payouts and narrowed to 36 basis points after the move to semi-monthly distributions. Daily accrual would all but eliminate that jump, stabilizing the shares around their $100 par anchor.

Implementation follows two phases. STRC — the floating-rate, roughly 12% cumulative series pegged to $100 par — goes live first, with November 1, 2026 set as the first daily benchmark date and the first daily payment following on November 2. STRF (10.00%, cumulative, currently trading at a premium), STRK (8.00%, cumulative, convertible into MSTR common) and STRD (10.00%, non-cumulative) keep their quarterly schedule through December 31, 2026, then flip to daily payouts on January 1, 2027, with the first payment of the new year on January 4. Shareholders of record as of September 25 vote at the virtual meeting, scheduled for 10:00 a.m. ET on October 28.

The Financing Engine, and What Is Still Unknown

Chairman Michael Saylor confirmed the proposal in his September 25 post on X, writing that dividends on STRF, STRC, STRK and STRD would accrue every calendar day — weekends and holidays included — and be paid the next business day, with the economics unchanged and the changes aimed at supporting price stability, liquidity and demand. The post left three questions open: an implementation date, the record date determining which holders qualify, and the approval procedure required for each series.

post on Xhttps://x.com/saylor/status/2103456332741521789?ref_src=twsrc%5Etfw

The confirmed calendar does not move yet. STRF, STRK and STRD pay quarterly and STRC twice monthly, with September 30 disbursements of $2.50 per share on STRF, $2.00 on STRK, $2.50 on STRD and $0.50 on STRC, followed by another $0.50 STRC payment on October 15. Strategy has previously disclosed that total dividend outlay did not rise when STRC shifted from monthly to semi-monthly payouts, and the latest filing reiterates that frequency alone does not lift the annual rate — both October STRC payments are computed from the same 12% annualized figure. That earlier change passed a shareholder vote; the approval path for this four-series switch has not been disclosed.

Rights also differ across the series. STRF, STRC and STRK are cumulative, so missed payments build as arrears, while STRD is non-cumulative and skipped payouts do not accrue. Every distribution still requires a board declaration and legally available funds — daily dividends describe an accrual frequency, not a guaranteed daily cash transfer. The strategic aim points back at the Bitcoin treasury flywheel: steadier preferred-share demand could make future issuance cheaper, sustaining the company's buy-and-HODL accumulation cycle and its ongoing bitcoin purchases. Whether investor appetite actually improves remains unproven — pre-announcement price and volume offer no clean read. As of September 20, Strategy had earmarked $5.04 billion for preferred dividends and bond interest, and in the prior week repurchased $174 million of STRC while adding 950 BTC. That conviction stands in contrast to corporate treasuries that sold their final 314 BTC after abandoning the model. Readers tracking the market in real time can follow live spot and futures prices on Gate.

$87,300 Ceiling vs. $81,000 Floor

Bitcoin (BTC) trades at $83,993.61, down 0.24% over 24 hours, with the trend structure still up. COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $87,329 resistance at 84/100, driven by the confluence of BB Upper, R3 and Donchian Upper, with nearer resistance at $84,075.87 scoring 72/100 on Pivot Point and Fibo 0.114 — a band where recent cost-cluster mapping places the heaviest holder cost basis at $83,600–$84,800. First support at $81,082.75 scores 78/100 from BB Middle, SMA 20 and Ichimoku Kijun. Derivatives positioning is mildly defensive: funding at -0.0009%, open interest at $16.03 billion and a 1.40 long/short account ratio, while Fear & Greed reads 74 (Greed). Holding $81,082 keeps a retest of $87,329 in play; losing it invalidates the bullish thesis and opens the 71/100 shelf at $77,064.