公司推动赢得股东支持以支付每日优先股息

Strategy seeks shareholder approval to change preferred stock dividends to daily dividends

Strategy is seeking shareholder approval for a payment plan change for its four "digital credit" preferred shares that would adjust the original regular dividend payment model to daily dividends. The company said the adjustment would not change the dividend yield or total payment amount on preferred shares, but would make the dividend registration date every calendar day.

The board approved the proposal on Thursday, according to a filing with the Securities and Exchange Commission on Friday. Shareholders will vote on the amendment at a virtual special meeting on October 28.

Core Points

Conversion Goals: Strategy hopes to convert its STRC, STRF, STRK and STRD assets to daily dividend registration dates while keeping dividend yields and total payments unchanged.

Enforcement Mechanism: If approved, each calendar day will become a registration day and the corresponding dividend will be paid on the next working day.

Implementation Schedule:

• STRC will take the lead in the transition, and the first daily dividend payment date is expected to be November 2.
• The remaining three preferred shares will follow up later and are expected to pay daily dividends starting in January, with the first payment date being January 4.

Industry background: Strategy's move follows Strive's footsteps. Strive has become the first IPO company to adopt a daily dividend model, so Strategy has followed suit.

Detailed Plan and Strategic Intention

在SEC文件中，Strategy概述了旨在调整其优先股系列（包括STRC）股息时间安排的修正案。公司的明确目标是在保持经济条件一致的前提下转向每日框架——具体而言，维持相同的股息率和相同的总支付金额。

根据提议的结构，将为每个日历日设定股息登记日。相应的股息支付将在下一个工作日处理。Strategy还规定了具体的实施顺序：STRC率先转型，随后是STRF、STRK和STRD在接下来的几个月内依次完成转换。

文件中的战略性时间安排显示，STRC预期的首个每日股息支付将于11月2日到账。其余三只优先股预计将于1月开始每日派息，首批基于每日登记日计划的支付预计在1月4日进行。

公司表示，修正案将在Strategy更新受特拉华州法律管辖的优先股证书后生效。

比特币国库优先证券的更广泛转变

Strategy的这一举动发生在另一家专注于比特币国库的公开公司Strive将其优先股支付机制改为每日股息之后。此前的报道指出，在Strive报告第一季度消除未偿还债务后，SATA自6月16日起开始以13%的年率在每个工作日支付股息。

虽然两家公司都旨在实现相同的一般结果——即更频繁的 Income 分配时机，但细节有所不同。描述Strive变化的来源强调每个工作日的股息；相比之下，Strategy的计划是将每个日历日视为登记日，支付时间与下一个工作日对齐。对于投资者而言，这种区别对现金流时机以及周末和节假日期间的股息累积方式具有重要意义。

Strategy还将这些优先证券置于其“数字信贷”方法之内——这是一种旨在通过以其比特币持仓为资本结构锚定的结构来产生收入的优先证券。

为何每日股息对持有者至关重要

每日股息计划之所以具有吸引力，是因为它们使收入分配更接近时间的流逝。对于交易者和注重收入的投资者来说，更频繁的派息可能减少对较长分配间隔之间依赖，并改善围绕流动性需求的短期规划。

与此同时，Strategy强调该提案不会改变股息率或总支付金额。这一细节表明，公司主要旨在优化支付机制，而非改变证券的基础经济状况。

Strategy在比特币国库类别中的规模为该提案为何能引起关注提供了背景。据BitcoinTreasuries.NET数据显示，Strategy持有约846,000枚BTC，而Strive持有26,355枚BTC。

CEO讨论STRC杠杆带来的波动性

In addition to its dividend plan, Strategy is also managing investor expectations about STRC trading behavior. The article pointed out that STRC has experienced significant fluctuations this year. The June 26 intraday low fell to $71.25, well below its stated face value of $100, according to Yahoo Finance.

In an interview with Natalie Brunell's Coin Stories podcast earlier this week, Strategy CEO Phong Le attributed the decline to leveraged funds entering the STRC market exceeding the company's expectations. He said some investors borrowed bitcoin at lower rates to buy STRC to capture the spread between borrowing costs and STRC dividend yields. When Bitcoin prices fell, Le said those positions were under pressure to add collateral or sell STRC.

"We didn't expect the amount of leverage going into the system," Le said. "This is a lesson that we will learn from next time."

Le also described the steps Strategy is taking to avoid a similar liquidation happening again. These measures include maintaining strong U.S. dollar reserves, implementing policies that allow companies to buy back STRC when STRC transactions fall below the stated face value of $100, and efforts to attract more long-term holders-especially institutional investors.

Since its June low, the article notes that the STRC has recovered to about $98.41, close to Strategy's target range to keep the security in the $99 to $100 range. In addition, STRC currently has an annual variable dividend yield of 12%.

Points to pay attention to before shareholders vote

投资者应重点关注10月28日特别会议的结果，以及在Strategy更新其特拉华州证书后的实施细节。如果每日计划获得批准，交易者可能会观察更频繁的登记日结构如何与STRC持续的波动性以及公司的回购和储备策略相互作用。