CoinDesk
Strategy (formerly MicroStrategy) held its STRC perpetual preferred dividend at 11.5% for a fourth consecutive month after the stock's volume-weighted average price reached $99.62, keeping shares close enough to its $100 par target to avoid another reset. The rate has now been unchanged since the post-launch escalation from July 2025's 9% starting dividend, when the product was first introduced.
Maintaining STRC near par is the linchpin of the instrument's design. The monthly dividend rate is reset each period specifically to encourage trading near $100 and minimize volatility, with the next ex-dividend date set for June 15 — a window in which the stock has historically tested or briefly reclaimed par.
Why it matters
STRC trades as a short-duration, high-yield savings alternative, but its mechanics are tied directly to Strategy's balance-sheet strategy. Near-par trading is what allows the company to issue new shares efficiently through its at-the-market (ATM) program, and ATM proceeds fund the corporate flywheel: additional bitcoin purchases, debt management including the recent paydown of 2029 convertible notes, and general corporate financing. A rate hold signals the system is working as designed; a cut would imply either ATM demand has cooled or par has slipped far enough to require a yield bump to lure buyers back.
Seven dividend increases since launch without a single cut is a notable track record for an instrument that markets itself as a yield product in a rate environment where most cash-equivalent alternatives pay materially less. The 11.5% level is now the floor investors anchor to, and Executive Chairman Michael Saylor's customary Sunday post — this week reading "Working Better" — landed against growing investor focus on whether Strategy will eventually sell bitcoin to meet obligations or continue expanding holdings through capital raised via its securities offerings.
Market impact
STRC dipped as low as $97.11 last Thursday before rebounding to roughly $99.10, underscoring how tight the band is that determines the rate decision each month.
Frequently asked questions
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Why did Strategy hold the STRC dividend at 11.5% this month?
The monthly volume-weighted average price reached $99.62, close enough to the $100 par target to avoid triggering another rate reset. The instrument's design is to keep shares trading near par, and a stable price preserves the ATM issuance window that funds bitcoin purchases and debt management.
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How many times has STRC's dividend changed since launch?
Strategy has increased the dividend seven times since STRC launched in July 2025 with a 9% starting rate. The 11.5% level has now been held for four consecutive months, marking the longest stretch without a reset.
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What is the next ex-dividend date for STRC?
The next ex-dividend date is June 15. STRC has historically traded toward or briefly reclaimed $100 par in the days leading up to ex-dividend dates, similar to the pattern observed in May.
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Why does the $100 par price matter for Strategy's bitcoin strategy?
Near-par trading is what allows Strategy to issue new STRC shares efficiently through its at-the-market program. Proceeds from those sales fund incremental bitcoin purchases, debt obligations including the recently paid-down 2029 convertibles, and other corporate financing — making par stability the operational engine…
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What is the broader market context around the STRC hold?
Spot bitcoin ETFs just recorded 10 consecutive days of net outflows totaling $2.97 billion, though derivatives show mildly bullish positioning and steady open interest, suggesting institutional risk appetite is stabilizing. Strategy anchoring its preferred dividend through that backdrop is read as a signal that the…
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