Quick Insights

  • Strategy's STRC preferred stock is trading around $73, roughly 27% below its $100 par value, with June 30 bringing both an ex-dividend date and the monthly rate reset that sets STRC's dividend for the coming period.
  • June 30 is also the first record date under a new semi-monthly dividend schedule approved at Strategy's annual meeting on June 8, with eligible investors receiving $0.48 per share on July 15.
  • STRC has held its dividend rate at 11.50% for four consecutive months despite shares trading well below par, and analysts expect an increase to at least 11.75% or 12%, though any recovery toward par is seen as more dependent on bitcoin than on the dividend adjustment alone.

Strategy's perpetual preferred stock, STRC, fell 3% in pre-market trading on Friday and is changing hands around $73, a level that puts it roughly 27% below the $100 par value at which it was issued. The focus for investors is June 30, a date that carries two distinct catalysts for the instrument simultaneously.

The first is the ex-dividend date. Holders of record before June 30 will qualify for the next distribution, with Strategy's official dividend page confirming a payment of $0.48 per share due on July 15. Buyers on or after June 30 will not receive that payment. The mechanical impact of the ex-dividend adjustment should be minimal relative to STRC's recent price action: a $0.48 move on a $73 stock represents less than 0.7%, a rounding error against the 2% to 3% daily swings the stock has been experiencing.

Monthly Rate Reset Could Push STRC Yield Above 12% for the First Time

The second and more significant event is the monthly rate reset. STRC is a bitcoin-backed perpetual preferred, meaning it has no maturity date and carries a variable dividend rate that Strategy can adjust each month. The current rate of 11.50%, applied to the $100 par value, generates $11.50 in annual dividends per share. At $73, however, the effective yield, the annual dividend relative to the current market price, sits closer to 15%, reflecting the discount at which STRC is trading relative to par.

Strategy has maintained the 11.50% rate for four consecutive months despite that widening gap. With a one-month volume weighted average price of $91.46 and shares now significantly lower, analysts expect the company to nudge the rate upward on June 30, with 11.75% or 12% cited as the most likely outcomes. A rate increase would raise the headline yield for new buyers and could provide modest support, though it would not directly close the gap between the current trading price and par value.

STRC At a Glance
  • Current price: ~$73 (down 3% pre-market Friday)
  • Par value: $100
  • Discount to par: ~27%
  • Current dividend rate: 11.50% (annualised on $100 par)
  • Effective yield at $73: ~15.75%
  • Next dividend: $0.48 per share, payable July 15
  • Rate reset date: June 30 (monthly)
  • New payment cadence: semi-monthly (effective June 30)

Recovery to Par Depends More on Bitcoin Than on Dividend Mechanics

June 30 also marks the first record date under a revised payment structure approved at Strategy's annual meeting on June 8, which switched STRC from monthly to semi-monthly dividend payments. The change was filed as an Amended and Restated Certificate of Designations with the Delaware Secretary of State, and becomes effective at 12:01 a.m. Eastern on June 30. The amendment does not alter the total dividend obligation or the headline rate; it simply splits the monthly payment into two semi-monthly instalments.

The deeper issue for STRC holders is structural rather than mechanical. MSTR common stock is trading around $85, down more than 84% from its November 2024 all-time high, and bitcoin is under pressure at current levels. Strategy's entire preferred stock structure is built on the collateral value of its bitcoin holdings, which means STRC's path back toward par is more closely tied to a bitcoin recovery than to any rate adjustment. A modestly higher dividend yield makes the instrument more attractive at a discount, but it does not change the underlying exposure that has driven STRC to where it currently trades.

Disclaimer: Nakamoto Daily provides information for educational and entertainment purposes only. Nothing published here constitutes financial, investment, or trading advice. Readers should conduct their own research and consult a qualified financial adviser before making any investment decisions.