Strategy (MSTR) · updated 2026-10-19 18:08 UTC · prices delayed
STRC is Strategy's variable-rate preferred. It pays a dividend twice a month, and Strategy can change the rate monthly, so the payout isn't fixed. Missed dividends still build up and are owed later (cumulative). Among Strategy's preferreds it ranks behind only STRF.
Key risk: The rate can go down, so income isn't locked in.
| Issuer | Strategy (MSTR) (BTC-backed) |
| Dividend rate | 12.00% variable, reset monthly |
| Pays | Semi-monthly |
| Stated amount | $100 |
| Cumulative | Yes |
| Last price (delayed) | $98.94 |
| Effective yield | 12.13% |
| Next payment | $0.50/sh paid 2026-10-31 (record 2026-10-15; declared) |
| Next ex-date | 2026-10-30 for $0.03/sh paid 2026-11-02 (declared (contingent)) |
| Tax character | ROC expected |
Strategy (MSTR) pays about $1.50B a year across its preferreds (STRC, STRF, STRK, STRD, STRE). Its treasury of 848,517 BTC (as of 2026-10-18) is worth about $69.59B, which is roughly 46.4 years of BTC coverage and a 2.15% yearly breakeven BTC return. Cash coverage comes from two separate pools, shown side by side: the USD Reserve of $4.83B (as of 2026-10-18) covers about 39 months of preferred dividends, and USD Cash of $447.3M (as of 2026-10-18) covers about 4 months. These measures are never added to each other or to the treasury figure.
Coverage = treasury value ÷ annual preferred dividends. Holdings source.
What is STRC's dividend?
STRC pays a 12.00% annual dividend rate (variable) on its $100 stated amount, paid semi-monthly. At the last price of $98.94 that is an effective yield of 12.13%.
Is STRC cumulative?
Yes. Missed dividends accrue and are owed later.
How well covered is STRC's dividend?
Strategy (MSTR)'s BTC treasury covers about 46.4 years of its annual preferred dividends at current prices (treasury value ÷ annual preferred dividends).
Effective yield = rate × stated amount ÷ price. Prices: Yahoo Finance (delayed). Crypto: CoinGecko. Terms, shares and holdings: issuer SEC filings. PrefWatch is independent and not affiliated with any issuer. Not investment advice.
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