Michael Saylor’s Strategy, the largest corporate Bitcoin holder, has announced plans to declare daily dividends on its STRC preferred stock for November, pending shareholder approval and related amendments. According to a Form 8-K filing with the Securities and Exchange Commission, the company’s board declared cash dividends for each day from November 1 to November 30, with payments beginning on November 2. Each dividend will be payable on the business day following its record date.
STRC’s annualized dividend rate will remain at 12% for November. Strategy’s management stated that they will continue to recommend this rate until the stock demonstrates “sustained, healthy trading near $100 per share.” The company hopes that daily dividends will make STRC more appealing to investors and help it trade near its $100 par value. STRC is one of Strategy’s main fundraising vehicles for Bitcoin (BTC) purchases.
As of Friday, STRC was down 0.2% at $99.32 as of 1:36 pm UTC, according to Yahoo Finance. Strategy recently added 250 Bitcoin for $21.5 million, bringing its total holdings to 848,250 BTC. During the week ending October 4, the company repurchased $176 million worth of STRC, spending more than six times as much on buybacks as on its $28 million in Bitcoin purchases. On June 29, Strategy unveiled a capital framework allowing Bitcoin sales to fund dividends and increased STRC’s annual dividend rate to 12%.