Investors are closely focused on Strategy’s upcoming ex-dividend date and the monthly reset of the STRC preferred dividend rate.
Strategy (MSTR) perpetual preferred stock, STRC, slipped about 3% in Friday pre-market trading, moving below $73—around 27% under its $100 par value—as attention shifts to June 30, a date that brings two key developments.
The first is the ex-dividend date. Investors who hold STRC before this cutoff will be eligible for the next dividend payment, while those who buy on or after June 30 will not receive it. The date also serves as the record date, with qualifying holders set to receive STRC’s first semi-monthly dividend of $0.48 per share on July 15.
In most cases, a stock adjusts downward roughly by the dividend amount once it goes ex-dividend. For STRC, that $0.48 payout represents less than 0.7% of its ~$73 price—small compared with recent daily swings of 2–3%, suggesting limited impact from the event itself.
The more consequential factor is the monthly dividend rate reset. STRC is a perpetual preferred security with no maturity date, and its dividend can be adjusted periodically.
Strategy has kept the rate unchanged at 11.50% for four consecutive months, even as STRC trades well below par. With a one-month VWAP of $91.46 and current levels near $73, the implied yield has climbed to roughly 15%, signaling that market pricing is demanding a higher return than the stated coupon.
This increases expectations for a possible upward adjustment toward 12%–12.50%. However, STRC’s longer-term recovery toward par is likely to be driven more by Bitcoin’s performance than by modest changes in the dividend rate.
Meanwhile, MSTR common shares are trading around $85, more than 84% below their November 2024 peak, adding further strain to Strategy’s bitcoin-linked capital structure.
