Over $14 Billion in Preferred Stock Outstanding, Strategy Proposes Changing Dividend to Daily Payments

Odaily reports that Strategy Executive Chairman Michael Saylor has proposed changing the dividend payment frequency for billions of dollars in preferred stock from semi-monthly or quarterly to daily payments, with the related securities offering an annualized yield of up to 12%. Strategy currently has over $14 billion in preferred stock outstanding; the company previously raised funds by selling common stock to purchase Bitcoin, and shifted to issuing perpetual preferred stock after the premium of its common stock relative to its Bitcoin holdings disappeared. Shareholder voting on the proposal will conclude on October 28.