Strategy (MSTR) · updated 2026-10-19 18:08 UTC · prices delayed
STRK is Strategy's convertible preferred. It pays a fixed 8% a year, quarterly, and holders can convert each share into 0.1 MSTR shares at any time. Strategy may pay its dividend in cash, MSTR stock, or a mix. It ranks behind STRF and STRC but ahead of STRD.
Key risk: It has the lowest rate, and the conversion feature ties part of its value to MSTR's price.
| Issuer | Strategy (MSTR) (BTC-backed) |
| Dividend rate | 8.00% fixed |
| Pays | Quarterly |
| Stated amount | $100 |
| Cumulative | Yes |
| Last price (delayed) | $71.75 |
| Effective yield | 11.15% |
| Next payment | $2.00/sh paid 2026-12-31 (record 2026-12-15; expected) |
| Tax character | ROC expected |
| Conversion | 0.1 MSTR per share; parity $13.73 |
Strategy (MSTR) pays about $1.50B a year across its preferreds (STRC, STRF, STRK, STRD, STRE). Its treasury of 848,517 BTC (as of 2026-10-18) is worth about $69.59B, which is roughly 46.4 years of BTC coverage and a 2.15% yearly breakeven BTC return. Cash coverage comes from two separate pools, shown side by side: the USD Reserve of $4.83B (as of 2026-10-18) covers about 39 months of preferred dividends, and USD Cash of $447.3M (as of 2026-10-18) covers about 4 months. These measures are never added to each other or to the treasury figure.
Coverage = treasury value ÷ annual preferred dividends. Holdings source.
What is STRK's dividend?
STRK pays a 8.00% annual dividend rate (fixed) on its $100 stated amount, paid quarterly. At the last price of $71.75 that is an effective yield of 11.15%.
Is STRK cumulative?
Yes. Missed dividends accrue and are owed later.
How well covered is STRK's dividend?
Strategy (MSTR)'s BTC treasury covers about 46.4 years of its annual preferred dividends at current prices (treasury value ÷ annual preferred dividends).
Effective yield = rate × stated amount ÷ price. Prices: Yahoo Finance (delayed). Crypto: CoinGecko. Terms, shares and holdings: issuer SEC filings. PrefWatch is independent and not affiliated with any issuer. Not investment advice.
See every preferred, the dividend calendar and the income modeler on PrefWatch