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BTC Strategy 寻求股东批准修改优先证券条款，实现股息每日累计
Strategy 公司正寻求股东批准，对其优先证券（包括 STRF、STRC、STRK 和 STRD）进行修订。此次修改旨在使常规股息能够按日历日逐日累计，涵盖周末及节假日。随后，公司将于累计期后的下一个工作日进行支付。该提案并未改变既定的股息率，也未增加公司的整体股息义务。股东投票定于 10 月 28 日举行。
股息支付改革背景
此前，该公司曾尝试对其优先证券实施加速支付计划。今年 6 月，STRC 从月度股息周期转变为半月度周期。当时，首席执行官 Phong Le 强调，此举的目的是稳定 STRC 的股价，减少因支付频率较低而引发的波动，提高流动性，并允许投资者更快地进行再投资。
treasury 结构与 STRC 表现分析
Strategy 的优先证券在其更广泛的资本结构中扮演着重要角色，且与公司的比特币金库紧密相关。因此，不应简单地将这些证券视为与公司数字资产持仓无关的固定收益工具。
Coinpaper 的分析显示，该公司的财务模型日益将优先股、现金储备和比特币交织在一起。Strategy 可以利用通过优先证券筹集的资金，使用储备金确保及时支付股息和利息，并在特定情况下出售部分比特币持仓以履行这些义务。
Investor demand for products such as STRC remains a key factor in the company's treasury operations. Although the STRC is structurally designed to remain close to its $100 face value, it traded well below that benchmark earlier this year. To this end, Strategy increased its dividend yield to 12%, increased its cash reserves, and launched a massive repurchase program.
According to Coinpaper, Strategy spent nearly US$490 million on STRC repurchases in three consecutive reporting periods, of which the amounts were US$176 million, US$139 million and US$174 million respectively. According to reports, even after Bitcoin purchases resumed, the expenditure exceeded its Bitcoin acquisition cost.
Through these repurchase actions, Strategy strengthened its commitment to stabilizing STRC prices while continuing to hold large bitcoin positions.
Impact of Daily Cumulative
The proposed changes focus on the point in time at which dividends are accrued rather than changing the underlying economic attributes of the security. If shareholders approve the amendment, investors will start by accumulating regular dividends on a daily basis rather than accumulating a larger amount before payment.
Strategy believes that this daily accumulation method helps smooth out common price fluctuations around traditional dividend recording and payment dates, making preferred stocks appear more stable to potential buyers.
Stabilizing the prices of these income-oriented securities may increase their appeal and help future financing activities if income-focused investors see a reduced risk of dividend fluctuations. However, the company acknowledges that as these changes are implemented, the underlying cost of funding preferred stock dividends remains unchanged.
Bitcoin Sales and Treasury Management
In the second quarter, Strategy reported $3.75 billion in dollar reserves, enough to cover approximately 2.1 years of dividend and interest payments at the time. The company also disclosed that it liquidated approximately $218 million worth of Bitcoin in 2026 to help meet dividend obligations.
Coinpaper has been following Strategy's evolution from a simple bitcoin accumulation strategy to a more dynamic management of bitcoin, cash, debt and preferred stock.
