How STRK works
STRK, which Strategy calls "Strike", pays a fixed 8.00% a year on a $100 base: $2.00 per share each quarter. It is the only Strategy preferred series that is convertible into common stock. Under the certificate of designations filed on 5 February 2025, payment dates are 31 March, 30 June, 30 September and 31 December, with the record date on the 15th of the payment month. The first payment, on 31 March 2025, was prorated from the issue date.
Strategy may pay STRK dividends in cash, in Class A common stock (valued at 95% of a volume-weighted average price and subject to a floor price), or in a mix of the two. Dividends are cumulative.
A holder may convert STRK at any time at 0.1000 Class A common shares per STRK share. That is an initial conversion price of $1,000 per common share, subject to anti-dilution adjustment.
STRK ranks fourth of Strategy's five preferred series. It is junior to STRF, STRC and STRE and to all debt, and senior to STRD and the common stock.
The liquidation preference was originally fixed at $100. An amendment filed on 7 July 2025 replaced the fixed figure with a daily greatest-of rule. It now resets to the highest of $100; the prior day's last sale price, if Strategy sold STRK in the previous ten trading days; and the ten-trading-day average last sale price.
There is no general call. Strategy may redeem STRK only if the aggregate liquidation preference outstanding falls below 25% of the amount issued in the IPO (a clean-up redemption), or on a tax event, at the greater of the liquidation preference and a five-day average price. Holders have a repurchase right on a fundamental change, subject to a limited exception described in the 10-Q. Strategy's Q2 2026 10-Q reported 14,020,744 STRK shares outstanding at 30 June 2026.
Pending change. STRK is one of the four series in the 28 October 2026 shareholder vote on daily record dates (8-K, 25 September 2026). If the change is approved, the first daily STRK dividends are expected on 4 January 2027. The rate and total dividend amount would not change.
Reviewed against the STRK certificate of designations (8-K, 5 February 2025), its amendment (8-K, 7 July 2025), Strategy's Q2 2026 10-Q (filed 3 August 2026) and the 8-K of 25 September 2026 on daily dividends. A summary; the filing governs.