Investors are closely monitoring Strategy’s upcoming ex-dividend date alongside the monthly reset of its STRC preferred dividend.
Strategy (MSTR) perpetual preferred stock, STRC, fell around 3% in Friday pre-market trading, slipping below $73—about 27% under its $100 par value—as markets turn their attention to June 30, which marks two important milestones.
First is the ex-dividend date. Shareholders who hold STRC before this date will be entitled to the next payout, while new buyers on or after June 30 will miss it. The date also acts as the record date for eligibility, with qualifying investors set to receive STRC’s first semi-monthly dividend of $0.48 per share on July 15.
In normal conditions, a stock typically drops by roughly the dividend amount when it goes ex-dividend. For STRC, that $0.48 adjustment on a ~$73 share price represents less than 0.7%—a relatively small move compared with its recent 2–3% daily volatility, suggesting limited downside impact from the event itself.
The more important driver is the monthly dividend rate reset. STRC is a perpetual preferred share with no maturity date, and its dividend rate is reviewed and adjusted periodically.
Strategy has held the rate at 11.50% for four consecutive months, even as STRC trades well below par. With a one-month VWAP of $91.46 and current prices near $73, the effective yield has risen to roughly 15%, indicating investors are demanding significantly higher compensation than the stated rate.
This raises expectations for a potential upward adjustment toward 12%–12.50%. However, STRC’s longer-term recovery toward par is likely to depend more on Bitcoin’s performance than on incremental dividend changes.
Meanwhile, MSTR common shares trade near $85, more than 84% below their November 2024 peak, adding further pressure to Strategy’s bitcoin-linked capital structure.
