From Cointelegraph · By Zoltan Vardai
Michael Saylor’s Strategy, the largest corporate Bitcoin holder, declared daily dividends on its STRC preferred stock for November, subject to shareholder approval and related amendments taking effect.
The company’s board declared cash dividends for each calendar day from Nov. 1 to Nov. 30, with payments beginning Nov. 2. Each dividend will be payable on the business day following its record date, according to a Form 8-K filing with the Securities and Exchange Commission.
STRC’s annualized dividend rate would remain at 12% for November. Strategy said management would keep recommending that rate until the stock demonstrates “sustained, healthy trading near $100 per share.”
Daily dividends could make STRC more appealing to investors and help it trade near its $100 par value. STRC is one of Strategy’s main fundraising vehicles for Bitcoin (BTC) purchases.
STRC was down 0.2% on Friday at $99.32 as of 1:36 pm UTC, according to Yahoo Finance.
Strategy added 250 Bitcoin for $21.5 million last week, bringing its total holdings to 848,250 BTC. During the week ending Oct. 4, the company repurchased $176 million worth of STRC, spending more than six times as much on the buybacks as on its $28 million in Bitcoin purchases.
On June 29, Strategy unveiled a capital framework allowing Bitcoin sales to fund dividends and increased STRC’s annual dividend rate to 12%.
Related: Capital B reports $78M H1 loss driven by Bitcoin impairment charge