STRC Hits the Snooze Button: Strategy's Dividend Raise Streak Takes Its First Break

For the first time since its grand debut, Strategy (formerly MicroStrategy, formerly whatever helps the stock price) has hit the snooze button on monthly dividend hikes for its Stretch (STRC) preferred shares. The dividend rate will coast at 11.5% through April 2026—giving investors a rare moment to catch their breath before the next potential bump.

STRC launched last July sporting a 9% annual dividend, and for a brief, beautiful moment, bulls thought they'd found yield heaven. Strategy then raised the rate every single month like clockwork, sprinting from 9% to 11.5% by March—most recently slapping on 25 basis points to graduate from February's 11.25%. At this rate, STRC was on track to pay out more than some emerging market sovereign bonds by next year.

The dividend hold lands alongside another plot twist: Strategy's Bitcoin buying streak finally called it quits last week. The firm purchased zero BTC, snapping a 13-week buying run that would make even the most bullish degen blush. It still holds 762,099 BTC, accumulated at an average price around $75,694 per coin—because when you're already underwater, why not keep filling the pool?

That impressive BTC stash comes with some creative accounting on the balance sheet. According to SaylorTracker, the firm is currently sitting on unrealized losses exceeding $5.5 billion. That's "unrealized" in the same way that weekend gains at a blackjack table are technically still yours until you leave the casino.

Despite the sea of red ink, Strategy recently unveiled a $42 billion at-the-market (ATM) fundraising program—split evenly between common stock and STRC. Because nothing says "we're committed to long-term value creation" like asking retail for $21 billion in fresh capital while sitting on five billion in mark-to-market losses.

Retail holders have piled in with the enthusiasm of a kid at a candy store. CEO Phong Le dropped the fun fact that individual investors now control roughly 80% of STRC—making this one of the few assets where retail actually beats institutional ownership. Over the past 30 days