Strategy’s STRC preferred stock dividend structure was always ambitious — a variable-rate instrument designed to fund one of the most aggressive Bitcoin accumulation programs in corporate history. But by late June 2026, STRC had dropped 25% below its $100 par value, the Rosen Law Firm had opened a legal investigation, and Strategy had made its first Bitcoin sale since 2022. The question now isn’t just how STRC works — it’s whether the mechanics that built it can hold it together.
Key takeaways
STRC is Strategy’s perpetual preferred stock paying a variable dividend currently set at 12% annually, adjusted monthly by the board.
Strategy held 847,363 Bitcoin as of early July 2026, funded partly through STRC issuance proceeds via at-the-market share sales.
A dividend ratchet raises the rate by 0.5% increments each time STRC falls below $95 — permanently, even after Bitcoin recovers.
Strategy maintains a $3.8 billion liquidity buffer — a $2.55 billion USD reserv
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