STRK
Perpetual Strike Preferred Stock
Latest price and dated assessment
*Includes eligible declared dividends still awaiting payment, valued at their stated amount. This is not cash received or a realized sale gain. No reinvestment; before fees and taxes. See calculation and cash breakdown.
Assessment and scenario: September 15 close ($71.07; 11.26% indicated yield). The price/yield above is the newer snapshot; this assessment has not been rewritten for it.
At $71.07, $8 of annual stated dividends implies 11.26% indicated yield, despite an 8% contractual rate. The holder conversion option offers potential MSTR common-stock upside, but its value depends on MSTR and conversion terms. The discount alone is not an undervaluation signal: Strategy chooses cash, shares or a mix for declared dividends, and STRK ranks below STRF, STRC and STRE.
What would improve or weaken the case?
Improves: A better entry price, improving issuer funding capacity, or stronger MSTR prospects relative to the conversion terms could improve value. This must be weighed against the rights surrendered on conversion.
Weakens: MSTR weakness reduces the appeal of conversion; weaker issuer liquidity or required-yield increases can hurt the preferred price. Stock-settled dividends are not guaranteed cash income.
Watch: Monitor dividend payment form and stock-settlement limits, conversion adjustments, senior claims and reserve/debt demands. Conversion replaces preferred rights with common-stock exposure; gains are not guaranteed.
Explore a scenario using the September 15 entry price
This shows how a hypothetical sale price and distributions combine. It is not a price target or a forecast. Distributions are cash-equivalent amounts; STRK cash settlement is not guaranteed.
Entry $71.07; no reinvestment, fees or taxes. Default assumes a full year at the snapshot rate with all distributions realized. Rates and payments may change. Setting income to zero shows the price-only outcome.
Historical September 15 calculation inputs (latest inputs: price and rate evidence): Closing prices: Stock Analysis · Dividend declaration
STRK price history
Why investors consider it
Conversion offers potential participation in MSTR common-stock upside. At the issuer’s August 23 stated conversion rate, one STRK converts into 0.1 MSTR share, subject to adjustments. See how conversion works.
Main trade-off
Gains are not guaranteed; converting replaces preferred rights with common-stock exposure.
What supports the dividends?
STRK ranks below STRF, STRC and STRE and above STRD for dividends and liquidation. Its conversion option is distinct from Strategy’s choice of dividend payment form. See the full Strategy ordering.
In the six months ended June 30, 2026, operating cash flow was $9.85 million against $629.175 million of cash preferred dividends across all series: 1.57% operating coverage. Operations therefore did not fund most of those distributions. Financing, accumulated liquidity and possible asset sales matter.
The September 13 update reports a $5.10 billion USD Reserve and separate $1.30 billion USD Cash. These resources support near-term capacity, but they are not collateral pledged to preferred holders. Debt holders can put $1.010 billion back in September 2027 under the June 30 schedule; additional puts total $4.904 billion in 2028, using June 30 outstanding principal—not original issuance amounts. A reserve divided only by dividends ignores these competing demands.
Assessment: payment support depends heavily on treasury liquidity and capital access. A BTC decline combined with closed financing markets is the important stress case. Historical operating coverage does not predict an immediate missed payment.
Obligation estimate and its limits
2028 holder puts: $2.000bn + $1.500bn + $0.800bn + $0.603659bn = $4.903659bn. These are June 30 outstanding principals by put date; the original $3.000bn 2029-note issuance had been reduced to $1.500bn.
Rounded issuer displays retrieved September 16 imply approximately $1.610 billion of annual ordinary preferred dividends at snapshot rates, including STRE, Strategy’s euro-denominated preferred not otherwise covered on this site, translated to dollars. The displays omit observation timestamps. This is an order-of-magnitude illustration, not a certified current cash forecast; it excludes debt interest, arrears, conversions and future rate or share-count changes. STRK payments may use shares. No precise all-obligation runway or recovery percentage is claimed.
June 30 financial statements and debt puts · September 14 treasury update
Understand the contract
What you own
Perpetual Strike Preferred Stock issued by Strategy.
Preferred equity with no scheduled maturity. It is not direct ownership of the issuer’s digital assets.
How payments work
Strategy chooses whether quarterly dividends are paid in cash, MSTR shares or a mix. Payment generally requires a declaration. Cash payments require legally available funds; share payments have limits. Unpaid dividends accumulate at an 8% annual rate, compounded quarterly. This does not guarantee prompt cash payment.
Rights & exit limits
Holder option to convert into MSTR common stock. Conversion replaces the preferred position with common-stock exposure; procedures and adjustments apply.
No scheduled maturity. No general right to cash out at $100.
Behind STRF for dividends and liquidation. Relative legal priority, not a recovery or safety ranking.
Primary sources and research dates
Terms checked September 12, 2026; focused clarifications September 14; targeted intervening-filings check September 15. Original source dates below.