MicroStrategy (MSTR), the world’s largest publicly traded corporate holder of bitcoin (BTC $72,675.37), has left the dividend on its perpetual preferred shares, STRC (“Stretch”), unchanged at 11.5% for the fourth month in a row.
STRC launched in July 2025 with a 9% dividend and has seen seven increases since. The payout is reset monthly by design to keep the preferred stock trading close to its $100 par value and to limit price volatility. This month Strategy was able to maintain the 11.5% rate after STRC’s volume-weighted average price (VWAP) hit $99.62, keeping the issue within striking distance of par.
Why par matters: STRC is marketed as a short-duration, high-yield savings alternative that pays monthly cash distributions. Keeping the shares near $100 helps MicroStrategy efficiently raise capital through its at-the-market (ATM) program. Proceeds from ATM sales are used to buy more bitcoin or to shore up corporate liabilities — the company recently used some funds to pay down portions of its 2029 convertible notes.
Price action: STRC hasn’t traded exactly at par since May 14, briefly dipped to $97.11 on Thursday, then rebounded to roughly $99.10. The next ex-dividend date is June 15; as seen in May, the security could briefly touch par in the days leading up to that cutoff as traders position for the distribution.
Investor focus: With regular dividend resets, ongoing ATM issuances, and a large bitcoin treasury, market participants continue to watch whether MicroStrategy will keep expanding its BTC holdings through securities offerings or if it might ever liquidate bitcoin to cover debt or dividend obligations. Executive Chairman Michael Saylor kept his Sunday social media routine with a short post saying simply, “Working Better,” underscoring the ongoing attention on the company’s strategy.
Disclosure: The author of this story owns shares in Strategy (MSTR).
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