Strike (STRK)

"Strike" is Strategy's nickname for STRK, its 8.00% Series A Perpetual Strike Preferred Stock, listed on Nasdaq. It was Strategy's first preferred series.

Key facts (as of 22 October 2026)

• Issued: 5 February 2025, with an initial 7,300,000 shares at $80 (certificate of designations, 8-K filed 5 February 2025; 10-Q).
• Rate: fixed 8.00% a year on $100, quarterly and cumulative. Dividends may be paid in cash, in MSTR class A shares or in a mix. Recent payments have been $2.00 per quarter, the latest on 30 September 2026 (8-K, 31 August 2026).
• Conversion: 0.1000 MSTR shares per STRK share, at the holder's option on any business day. That is an initial conversion price of $1,000.
• Rank: fourth of five, behind STRF, STRC and STRE, and ahead of STRD.
• Liquidation preference: originally fixed at $100. Since an amendment filed on 7 July 2025 it floats under the same greatest-of rule as Strategy's other series (8-K).
• Redemption: no general call. Clean-up is available below 25% of the IPO amount, and a tax redemption at the greater of the liquidation preference and a five-day average price.
• Outstanding: 14,020,744 shares at 30 June 2026 (10-Q).

Conversion in context

On 21 August 2026, MSTR closed at $119.25 (FWP, 24 August 2026), far below the $1,000 conversion price. STRK's price therefore reflected its preferred dividend more than its conversion option.

Pending change

STRK is included in Strategy's proposal for daily record dates. If holders approve at the 28 October 2026 special meeting, first daily dividends are expected on 4 January 2027.

What to check in the filing

• Conversion ratio adjustments
• How dividends paid in stock are valued