Points of Focus

• STRC’s dividend economics are unchanged; payments are split from monthly to twice-monthly to reduce per-cycle price volatility.
• Strategy sold 32 BTC in late May, its first Bitcoin disposal since 2022, and then repurchased 1,550 BTC days later at $65,332 per coin.
• Peter Schiff has called STRC a “classic centralized Ponzi,” arguing the 11.5% yield requires Bitcoin to compound at roughly 30% annually.

Strategy shareholders voted at the company’s 2026 annual meeting on June 8 to approve the amendment moving STRC dividends from monthly to two times per month. Both common stockholders and STRC holders voted in favor of Proposal 5.

Record dates will now fall on the 15th and the last day of each month, with payment dates on the subsequent record date. The first bi-monthly record date is June 30, 2026, and the next payment date is July 15, 2026.

$STRC and $MSTR shareholders have approved the amendment to move $STRC dividends from monthly to semi-monthly. Under the new cadence, the first record date is June 30 and the first payment date is July 15. Thank you to every shareholder who voted. https://t.co/3sIqqF3FCR

— Michael Saylor (@saylor) June 8, 2026

“Moving STRC to a semi-monthly dividend cadence reflects our commitment to continuous innovation on behalf of our holders,” said Phong Le, president and CEO. “Paying dividends on STRC twice a month is designed to stabilize price, dampen cyclicality, drive liquidity, and grow demand for STRC, while giving STRC holders faster reinvestment opportunity.”

The 11.5% annualized yield remains unchanged. Annual dividend payment amounts are unaffected; payments are simply made more frequently.

What the change is actually solving

Strategy identified a recurring structural problem: STRC shares were averaging a $0.45 drawdown on each ex-dividend date as the stock slipped below its $100 par value after each monthly record date.

By splitting each monthly payment in two, the per-cycle payout size is halved, which the company argues will dampen that predictable price dip, reduce cyclicality, and support trading closer to par.

While it remains under par, $STRC has seen a significant bounce today after shareholders approved a vote to shift dividends from monthly to semi-monthly payments. pic.twitter.com/WxRfuxRCCE

— Satoshi Stacker (@StackerSatoshi) June 8, 2026

TD Cowen analyst Lance Vitanza, who maintains a buy rating on MSTR, argued the semi-monthly proposal creates a more stable funding loop for continued Bitcoin (BTC) accumulation rather than a structural vulnerability.

The 32-BTC sale that rattled markets and the 1,550-BTC buy that followed

The approval arrives against a backdrop of acute market sensitivity to Strategy’s Bitcoin decisions. On June 1, Strategy disclosed it had sold 32 BTC between May 26 and May 31 for about $2.5 million at an average price of $77,135 per coin, its first disclosed net Bitcoin disposal since 2022. The proceeds were directed entirely toward funding the STRC dividend.

MSTR shares fell 4.72% on the disclosure, and Bitcoin slid toward $71,400. JPMorgan analysts subsequently characterized the sale as “symbolic and voluntary” rather than a sign of financial distress.

However, Strategy moved quickly. Between June 1 and 7, it sold 1,409,600 shares of Class A common stock, raising $181 million, and deployed the proceeds to purchase 1,550 Bitcoin at an average price of $65,332 per coin, bringing total holdings to 845,256 BTC.

Schiff calls it a Ponzi; the dividend reserve has thinned sharply

Peter Schiff has called STRC the “most obvious Ponzi” and a “centralized Ponzi run by MSTR,” criticizing the US Securities and Exchange Commission for not intervening despite what he sees as an unsound structure. His core argument is that the 11.5% annual payout implies roughly 30% Bitcoin compounding, which he says is unrealistic long-term. He also notes the yield was raised repeatedly from 9% at launch in July 2025 to 11.5% today, suggesting dependence on continued capital inflows.

This comes against Strategy’s balance sheet changes after repurchasing $1.5 billion of 2029 convertible notes for about $1.38 billion, reducing cash reserves to roughly $871 million, which is enough for about six months of preferred dividend obligations versus $2.25 billion earlier this year.

🚨 @MicroStrategy just made a brilliant capital allocation move 🚨

⚡ Repurchased $1.5B face value of 2029 convertible notes for $1.38B — eliminating ~$120M in future liability at a discount

⚡ Notes were issued at a $672.40/share conversion price — with $MSTR trading near $183… https://t.co/eZKyRPD7A1

— McNallie Money (@McnallieM) May 25, 2026

Saylor has acknowledged Bitcoin sales may fund dividends if needed, though he later clarified he would remain a net buyer. Strategy has not responded directly to Schiff’s claims, while the new semi-monthly STRC payout structure now takes effect.