Strategy’s preferred stocks are about to start paying out every single day. On Wednesday (Oct. 28th), the company confirmed its common shareholders signed off on the change it first floated in September.

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What’s the Scoop?

• STRC goes first: Per Strategy’s latest 8-K, the variable-rate STRC flips over on Nov. 1st, so its first daily dividend should hit on Monday, Nov. 2nd. The other three (STRF, STRK, and STRD) make the jump once 2027 begins, with their first daily payout due Jan. 4th.

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• Same yield, new rhythm: The proxy says the switch doesn’t touch any dividend rates or Strategy’s overall payout obligations. At STRC’s current 12% rate, holders still collect about $1 per $100 share each month, just spread across every day.

• Weekend quirk: Every calendar day gets a record date, but for shares that sit with DTC (the main U.S. securities depository), weekend and holiday record dates roll back to the prior trading day. In Strategy’s own example, dividends for Nov. 6th-8th all count from Friday, Nov. 6th, and pay out Monday, Nov. 9th, so a buyer that Friday gets none of them.

• No preferred vote: Only Class A and B common holders voted, with Saylor alone holding 32.9% of the voting power. Holders of the four preferreds themselves didn’t get a say.

• Zooming out: Daily payouts make STRC feel a lot more like a money-market account, but remember that STRC is still a perpetual preferred stock rather than a bank deposit, and dividends only get paid when the board declares them. Watch Strategy’s Q3 earnings call on Thursday (Oct. 29th) for clues on whether STRC issuance is coming back.