“Wait and hope” doesn’t sound like Saylor’s historical playbook.
1. Announce Daily Dividends
The cleanest demand-side lever.
* Virtually no economic cost.
* Creates a unique product in the preferred market.
* Appeals strongly to retail income investors.
* Generates marketing buzz and differentiation.
2. Establish a Bitcoin Coverage Covenant
Commit to maintaining a minimum BTC coverage ratio for STRC obligations.
* No direct dividend cost.
* Creates a tangible safety framework.
* Gives investors something concrete to underwrite.
* Distinguishes STRC from traditional preferreds.
3. Authorize Opportunistic Buybacks Below Par
Not a promise to buy, but a standing authorization.
* Creates a perceived floor.
* Signals management confidence.
* Can be selectively used when discounts become excessive.
* Potentially accretive to remaining holders.
4. Launch an MSTR Dividend Election Program
Allow STRC holders to receive dividends in MSTR shares at market value.
* No subsidy required.
* Bridges income and growth investors.
* Expands the potential buyer base.
* Reduces cash outflows if adopted.
5. Aggressively Expand Distribution
Target RIAs, retirement accounts, preferred funds, and income-focused investors.
* Many potential buyers simply don’t know STRC exists.
* Broadens demand without changing economics.
* May be the highest ROI initiative if awareness is the bottleneck.
If Management Is willing to spend
Then I’d add:
6. Increase the dividend modestly (11.5% → 12.0%)
This is probably the fastest path back to par, but it’s also the most expensive because the higher cost persists indefinitely.
English
