What to know : Semi-monthly payouts are expected to reduce the typical post-ex-dividend price drop, lower volatility, and help keep STRC trading closer to its $100 par value. More frequent distributions should reduce reinvestment lag and spread buying activity more evenly throughout the month, allowing Strategy to purchase bitcoin at a steadier pace while improving liquidity for investors.
Leading bitcoin treasury company Strategy (MSTR) has proposed shifting the dividend payment schedule on its perpetual preferred equity, Stretch (STRC), from monthly to semi-monthly.
The amendment, outlined in Strategy’s investor presentation, would keep the 11.5% annualized dividend rate and total annual obligations unchanged (currently $1.2 billion). Holders would receive payouts roughly every two weeks instead of once a month, with the first semi-monthly payment expected on July 15, following the June 8 shareholder vote.
According to Strategy's presentation, STRC currently sees an average $0.45 price drawdown after the ex-dividend date (the deadline to own a stock to receive a dividend), with recovery to its $100 par value taking around two weeks. Typically, on the ex-dividend date, the stock price drops by approximately the amount of the dividend payment.
When STRC trades below its $100 par value, Strategy cannot issue shares through its at-the-market (ATM) program to raise funds for bitcoin purchases. By smoothing the price action, the company aims to keep STRC closer to par, enabling more consistent capital raising.
Semi-monthly payments are expected to reduce this volatility and time lag.
Steadier bitcoin buying
More frequent payouts would also reduce reinvestment lag and spread out the buying pressure more evenly across the month, allowing Strategy to purchase bitcoin at a steadier pace and keep purchases consistent.
According to the presentation, the shift aligns with the typical twice-monthly U.S. payroll cycle and creates more entry and exit opportunities for shareholders, all aimed at lowering volatility.
STRC’s historical volatility averaged 13% from August 2025 to March 2026, but dropped to just 2% between March and April 2026, according to Strategy’s data.
If approved, STRC would become the only semi-monthly dividend-paying preferred in the market, compared with 921 that pay quarterly and 32 that pay monthly, the company said. Nasdaq rules require at least 10 calendar days between dividend declaration and the record date.
STRC recently fell below $99 following the April 15 ex-dividend date, a drop of more than $1, which is the volatility the company is aiming to reduce.
Disclosure: The author of this story owns shares in Strategy (MSTR).
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