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Strategy shareholders voted almost unanimously in favor of daily accrual of dividends on preferred shares of four series: STRC, STRF, STRK and STRD. On paper, it's just about the payment schedule, but the financial implications are deeper. The company raises funds through preferred securities, including to increase bitcoin reserves, and the speed of purchases of the first cryptocurrency directly depends on how stable and predictable investors perceive these securities.

STRC has a floating yield. The Board of Directors reviews it monthly, and now the rate is kept at 12% per annum. Daily accrual of dividends on such a paper looks unusual, because most investors are used to a quarterly or monthly schedule. But Strategy explains the policy change by saying that the pace of bitcoin purchases depends on the issue and value of its own securities. Simply put, preferred shares here are not only a tool for paying shareholders, but also a channel for raising capital for the purchase of BTC.

Initially, it was STRC that was supposed to become the main tool for increasing the stock of the first cryptocurrency in 2026. In the first half of the year, when the securities were trading at face value, monthly purchases of bitcoin increased more than fivefold. By issuing these securities, Strategy acquired about 13% of all its bitcoins. The figure clearly shows how important this financing scheme is for the entire company model.

But in early summer, preferred shares sank by 10% to $90. Gradually, the quotes tightened, but the securities are still below par. For Strategy, this is a serious barrier: until the price reaches face value, the company will not be able to issue new securities on favorable terms and raise money through them to buy bitcoins. At the close of trading on Wednesday, October 28, STRC was priced at $99.78, and on the premarket it rose by 0.43% to $ 99.92. The gap from the nominal value is small, but it does not go anywhere and prevents the full use of this tool.

To support the quotes, Strategy bought back STRC shares for almost $1.5 billion. The measure was large-scale, but the price was not returned to face value. Now the company needs additional incentives to increase demand for securities. In this sense, daily accrual of dividends looks like a rather soft tool: it does not require new large injections, but it can make preferred shares more attractive to investors and maintain interest in them while the securities are trading at a discount.