Strategy proposed daily dividend accruals for STRF, STRC, STRK and STRD, with payments made on the next business day.
- Saylor said the proposed changes are designed to support “price stability, liquidity, and demand” for Strategy’s preferred securities.
- Meanwhile, Strive CEO Matt Cole pushed back on the MSCI framework, stating that Bitcoin-based structured finance involves active management of capital, liquidity and risk rather than passive asset ownership.
- Strategy has previously challenged MSCI’s proposed treatment of companies with large amounts of “non-operating” assets, arguing that its Bitcoin business should qualify as an operating activity.
Bitcoin (BTC) treasury stocks Strategy (MSTR) and Strive (ASST) slid in midday trading Friday, tracking Bitcoin lower, even as Strategy Chairman Michael Saylor pushed for daily dividends on the company’s preferred securities and Strive CEO Matt Cole challenged MSCI’s classification framework for Bitcoin treasury companies.
Bitcoin’s price edged 0.4% lower in the last 24 hours to around $83,400, while major altcoins rallied with Ripple’s XRP (XRP) leading gains among the top 10 cryptocurrencies by market capitalization.
MSTR stock fell nearly 2% in midday trade, while ASST stock edged 0.5% lower. On Stocktwits, both saw retail sentiment slipping to ‘neutral’ from ‘bullish’ territory over the past day.
Strategy Pushes Preferred Stocks Toward Daily Dividends
Saylor said Friday that Strategy is proposing changes that would allow dividends on its 10.00% Series A Perpetual Strife Preferred Stock (STRF), Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), 8.00% Series A Perpetual Strike Preferred Stock (STRK) and 10.00% Series A Perpetual Stride Preferred Stock (STRD) to accrue every calendar day, including weekends and holidays, with payments made on the next business day.
He said the changes are intended to support “price stability, liquidity, and demand.” The company’s proposal goes to shareholders for a vote ending October 28.
The move would extend Strategy’s push to make its preferred securities easier to trade and more responsive to market demand. STRC already shifted from monthly to semi-monthly dividend record and payment dates earlier this year.
Strive has already taken the daily-dividend approach with its Variable Rate Series A Perpetual Preferred Stock (SATA). The company announced in May that SATA would begin paying dividends every business day starting June 16, with the annualized dividend rate maintained at 13%.
MSTR, ASST Push Back On MSCI Classification
The two companies are also connected through a separate debate over how Bitcoin treasury companies should be classified.
Strategy has already pushed back against MSCI’s proposal to exclude certain companies with a high proportion of “non-operating” assets from its indexes.
In a response submitted in August, Strategy argued that MSCI’s “operating” and “non-operating” terminology is undefined and lacks a basis in U.S. GAAP, IFRS or a recognized legal framework. Strategy also said it reports its Bitcoin business as an operating segment under U.S. GAAP.
Strive on Friday submitted its own response to MSCI, stating that Bitcoin-based structured finance should be treated as an operating business. Cole’s argument is that these companies use Bitcoin and cash as capital inputs, manage liquidity and risk, and create differentiated financial products for investors.
The developments highlight how the Bitcoin treasury model is evolving beyond simply accumulating BTC.
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