Peter Schiff to Michael Saylor: “What Will You Sell Next?” as STRC Vote Looms

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Michael Saylor is urging STRC shareholders to vote on a proposal that would shift the preferred stock’s dividend payments from monthly to semi-monthly, with the deadline set for June 8. The push coincides with fresh criticism from gold advocate Peter Schiff, who argues that Strategy is burning through its cash reserves and faces a growing liquidity problem. Saylor Calls Shareholders to the Ballot The STRC semi-monthly dividend proposal would keep the annualized yield at 11.5% while doubling payout frequency. Strategy says the change would reduce reinvestment lag, improve market efficiency, and support price stability around the instrument’s $100 par value. Both MSTR and STRC holders must approve the amendment for it to take effect. If passed, the first record date under the revised schedule would fall on June 30. Saylor framed the change as a practical benefit for retail shareholders. STRC draws roughly 80% retail ownership, meaning more frequent payouts have a direct impact on how most holders manage their income. Strategy has held the STRC rate at 11.5% since April, following seven consecutive monthly hikes. The vote on frequency is separate from the board’s rate-setting process. Schiff Presses the Liquidity Argument Schiff’s case against Strategy targets the underlying mechanics. He argues the firm raises cash by selling STRC shares and uses those proceeds to buy Bitcoin (BTC). Fresh equity issuance is then needed to fund the next dividend payment because BTC generates no cash flow. Schiff doubled down on that critique, warning: “You’re running out of cash. What will you sell next to keep the wheels from falling off?” He has called the structure a Ponzi scheme. Those claims carry more context after Strategy’s most recent balance sheet move. The firm used its cash reserve to retire debt, spending $1.38 billion to repurchase $1.5 billion of 2029 convertible notes at an 8% discount. That left roughly $871 million in the USD Reserve, down from approximately $2 billion before the transaction. Saylor acknowledged during Q1 2026 earnings that Strategy could sell BTC to cover dividends if other capital sources ran short, a statement Schiff cited as confirming his concerns. Strategy paused Bitcoin purchases for one week while the buyback settled, though it added 24,869 BTC earlier in the same window using STRC and equity proceeds. Total holdings now stand at 843,738 BTC. How retail STRC holders vote on June 8 will offer a read on whether income investors still trust the yield model Schiff has questioned for months.

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