DAILY DIVIDENDS: STRIVE VS STRATEGY Strategy's $STRC is moving toward “daily dividends,” but they are taking a different approach from @Strive. @Strive’s $SATA pays dividends only on Business Days. The monthly dividend is divided across the Business Days in that month, with Saturdays and Sundays having no record date, no payment and no separate dividend accrual. Jeff Walton @PunterJeff said today at the @BTCtreasuries Conference in New York City that this choice was deliberate. Strive specifically wanted to reduce the dividend-capture distortion that occurs when weekend dividends become concentrated into a single trading day. $SATA does not eliminate that mismatch completely. Because the monthly dividend is distributed across roughly 20 to 22 Business Days rather than 30 or 31 calendar days, each Business Day still pays more than a pure 1/365-day accrual. But the weekend value is spread across many payments rather than concentrated into one Friday. @Strategy’s proposed $STRC structure takes the opposite approach which Strive avoided on purpose. Every calendar day is a record date, including Saturdays, Sundays and holidays, with non-Business-Day dividends paid on the next Business Day. Under today’s market structure, that means Friday can effectively carry the entitlement for Friday + Saturday + Sunday. For example, someone could theoretically buy $STRC one minute before Thursday’s market close and sell one minute after Friday’s market open, while retaining roughly three calendar days of dividend entitlement. At a 12% annual dividend rate: 12% × 3 / 365 = 0.0986%. So that is roughly 0.10% of par, or around $0.10 per $100 share. This should also create more mechanical volatility between Thursday’s close and Friday’s ex-dividend trading, because $STRC should theoretically adjust downward by roughly those three days of dividend value. For most retail traders, however, trading fees and spreads can exceed the benefit of capturing roughly 0.1% in dividends, making the trade economically unattractive or simply not feasible. This is not necessarily free arbitrage. The market should theoretically price the dividend entitlement into the Thursday-to-Friday adjustment. So Strive and Strategy appear to be optimizing for different things: $SATA minimizes dividend-capture distortions, arbitrage and volatility in the market we have today. $STRC: build a true 365-day dividend architecture that makes more sense in a future of tokenized, 24/7 capital markets. Ben Werkman @Werkman made an important comment on the Bitcoin Treasuries conference today: If weekends eventually become normal trading and settlement days, Strive would also start paying dividends over the weekend. That future also fits the broader direction both $MSTR and $ASST are positioning around, with @Saylor particularly vocal about tokenized, always-on capital markets. $STRC’s architecture already fits that world naturally. Strive optimized for today’s market structure. Strategy is optimizing for the market it expects tomorrow.