[ad_1]
Leading bitcoin treasury company Strategy (MSTR) has filed a proxy that, if approved, would allow for semi-monthly dividends on its STRC “Stretch” series of preferred stock.
The move would have no effect on STRC’s annual dividend obligations or dividend rate (currently 11.5%), noted Executive Chairman Michael Saylor. Instead, he said, “[the] proposed changes are intended to stabilize price, dampen cyclicality, drive liquidity, and grow demand.”
The high-yielding stock has been exceptionally popular, with outstanding notional value rising to $6.4 billion as of this afternoon’s filing, according to a presentation.
Volatility has dropped to just 2.1% over the past two months versus 13% in the first eight months after the series’ launch. But Saylor and team argue that volatility could be further dampened with semi-monthly payments.
Voting on the amendment will close on June 8, with July 15 as the expected first payment date under the new plan.
MSTR shares rose 11.8% on Friday alongside bitcoin’s 3% rise to $77,400.
[ad_2]
Source link
