Michael Saylor said Monday that Strategy (NASDAQ:MSTR) shareholders had approved an amendment moving STRC preferred dividends from monthly to semi-monthly.
The first record date is June 30 and the first payment July 15.
A separate 8-K filed this morning disclosed that Strategy sold roughly 1.4 million MSTR shares for $181 million through its at-the-market program last week, used the proceeds to buy another 1,550 Bitcoin (CRYPTO: BTC), and earmarked a $1 billion cash reserve specifically to backstop preferred dividends and interest payments.
Schiff's Flywheel Argument Peter Schiff, the gold bug and persistent Bitcoin critic, was not impressed by the new changes.
He posted that Strategy's original model generated positive Bitcoin yield by issuing common stock at a premium to net asset value, then later by issuing preferred stock at coupons below Bitcoin's expected appreciation.
