Bitcoin treasury company Strategy has filed a preliminary proxy statement proposing that dividends on its four U.S. preferred shares — STRF, STRC, STRK and STRD — accrue every calendar day, including weekends and public holidays, and be paid on the following business day.

Executive chairman Michael Saylor announced the proposal on Thursday, the same day the preliminary proxy was filed. A definitive proxy is due on October 5, and shareholders are scheduled to vote on October 28 — the approval that would clear the new schedule to take effect. Apart from the accrual schedule, the company said the economics of the securities would remain unchanged.

Strategy is proposing daily dividends on $STRF, $STRC, $STRK, and $STRD, accruing every calendar day, including weekends and holidays, and paid the next business day, with economics unchanged. The proposed changes aim to support price stability, liquidity, demand. pic.twitter.com/N0wkXzi1gl

— Michael Saylor (@saylor) September 25, 2026

Under the proposed schedule, STRC would switch first, with a first record date of November 1 — the cutoff that determines which holders receive the payout — and a first payment on November 2. The other three series would finish the quarter on their existing timetable, making a final payment on December 31 before moving to daily accrual on January 1. STRC currently has 24 record dates a year; all four series would move to 365. For the three series that pay quarterly, president and chief executive Phong Le put the increase at 90 times.

Frequency Kills Volatility

"The way that you create low volatility and high liquidity is to shorten the duration of the instrument and to actively manage the credit," Saylor said, adding that "the higher the frequency of those adjustments, the lower the volatility of the instrument." The lower the volatility, he added, "the easier it is to get in and get out."

Le pointed to pricing behavior around payment dates as evidence: when STRC paid monthly, its price fell about 49 basis points on the day before the dividend. After the company moved to semi-monthly payments in June, that decline narrowed to roughly 36 basis points.

Strategy also expects the change to produce steadier month-end marks for fund managers, whose portfolios are typically valued at month-end, a home for institutions' idle cash, faster reinvestment, possible entry into low-volatility indices, and better haircuts when the shares are pledged as collateral.

Le described the structure as "the first global security in the world with calendar day accruals and dividends." If approved, the four preferreds would be the only securities anywhere paying on 365-day calendar accruals, standing among five globally that offer daily dividends, with a combined market value of $15 billion. "Digital credit, digital capital, is meant to work every single day," he said.

Shareholders backed the company's previous scheduling change comfortably: in June, 97.5% of STRC holders and 99.9% of common shareholders approved the move to semi-monthly payments, Le said. Strategy has since paid $255 million in STRC dividends.

The preferred shares are central to how Strategy funds itself. This month, the company bought $139 million of STRC while pausing its Bitcoin purchases, raised $2 billion by selling MSTR stock to establish a dollar reserve, and maintains a framework under which it could sell up to $1.25 billion of Bitcoin to service these obligations. Last week, the firm bought a further $76 million worth of Bitcoin, bringing its holdings close to their June record.

The October 28 vote will determine whether the securities at the center of that funding model shift to daily payouts. If approved, STRC would make its first daily payment on November 2, with the other three series moving to daily accrual on January 1.

Source: Decrypt