Strategy Holds STRC Dividend at 11.5% for April as Bitcoin Treasury Preferred Stocks Prove Their Resilience

The broader context matters too. Analysts at NYDIG have cautioned that the real risk in STRC isn’t dividend coverage — Strategy holds roughly 762,000 BTC and over $2.2 billion in cash, enough to cover dividends for around 50 years — but rather governance and subordination. In a stress scenario where bitcoin drops sharply and confidence in Strategy’s balance sheet weakens, STRC could slip below par, making fresh ATM issuance impossible and breaking the feedback loop that has powered the company’s bitcoin accumulation engine.

Meanwhile, the competitive landscape is developing. Rival bitcoin treasury company Strive saw its own perpetual preferred stock, SATA, hit $100 par for the first time this week, enabling it to begin issuing shares through its ATM program. SATA currently offers a 12.7% dividend — 120 basis points above STRC — competing directly for the same pool of yield-seeking institutional capital. Strive has been deliberately positioning SATA as a higher-yield alternative, and the fact that it has now reached par suggests the product has stabilized enough to begin functioning as an independent capital-raising tool, following a similar path to the one STRC has already charted.

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Strategy’s perpetual preferred stock, Stretch (STRC), will pay an 11.5% annualized dividend in April — unchanged from March — marking the first month without an increase since the product launched in July 2025 at a 9% yield. After seven consecutive monthly raises totaling 250 basis points, the pause signals the instrument is functioning broadly as intended: trading close enough to its $100 par value that Strategy doesn’t need to sweeten the yield to attract buyers.

The mechanism is straightforward but novel. STRC’s dividend is adjusted monthly to steer the share price toward $100 par. When the stock drifts below par, Strategy raises the yield to attract buyers; when it holds near par, the rate can stay flat — or eventually be cut. Keeping the anchor intact is what allows Strategy to sell new shares through its at-the-market (ATM) program and deploy the proceeds into bitcoin purchases. The April rate was set after STRC’s 30-day volume-weighted average price closed March at $99.95 — close enough to par to justify no change. The stock took 12 days to recover back to par following the March 13 ex-dividend date, which is slightly faster than its historical average of 10 days. With the April 14 ex-dividend date approaching, analysts expect the shares to continue trading near par over the next two weeks.