STRC keeps 11.5% April dividend as BTC risks $100 par
Strategy’s perpetual preferred stock (STRC) will keep its 11.5% annualized dividend rate in April, unchanged from March and the first “flat” month since launch in July 2025 at a 9% yield. The monthly dividend is set to anchor STRC’s price near its $100 par value. After the March 13 ex-dividend date, STRC returned to par in 12 days (slightly faster than its ~10-day history). For April, Strategy set the dividend after the 30-day VWAP closed March at $99.95.
For traders, the key link is that STRC’s ability to stay near par supports Strategy’s bitcoin accumulation loop: keeping STRC trading close to $100 improves at-the-market (ATM) issuance economics, letting proceeds fund further BTC buys. NYDIG flags the real risk as not “dividend coverage” (Strategy holds ~762,000 BTC and $2.2B+ cash), but governance/subordination and confidence during a sharp BTC drawdown—conditions that could push STRC below par and disrupt fresh ATM capacity.
Competition is rising. Strive’s SATA reached $100 par for the first time, enabling additional ATM issuance, and pays a 12.7% dividend (120 bps above STRC). With STRC’s next ex-dividend date on April 14, analysts expect the stock to trade near par over the next two weeks—watch for how BTC volatility affects STRC’s ability to maintain that anchor.
Neutral
STRC’s unchanged 11.5% April dividend and the expectation of trading near $100 par are short-term stabilizers for STRC, supported by the known dividend/price-anchor mechanism and the post–ex-dividend “return to par” behavior. That can keep yield-seeking positioning orderly around the April 14 ex-dividend date.
However, the incremental market impact depends on BTC drawdown risk. While coverage is described as ample, governance/subordination and confidence issues could cause STRC to trade below par in a sharp BTC selloff, potentially disrupting fresh ATM issuance. Meanwhile, SATA reaching $100 par introduces a relative-yield competitor (12.7% vs 11.5%), which may divert some demand from STRC rather than strengthen it.
Net: near-term STRC trading may remain range-bound around par, but directionality is constrained by BTC-volatility sensitivity and rising yield competition—so the expected impact on STRC is neutral.