Strategy’s preferred stock Stride falls below value ahead of dividend reset

Strategy’s perpetual preferred stock Stride is trading well below its $100 par value as investors wait for a June 30 ex-dividend date and a monthly dividend-rate reset.

CoinDesk reported Thursday that Stride changed hands around $73 in premarket trading, down about 3% from the previous session’s close. That puts the preferred stock roughly 27% below par, a sharp gap for a security that was designed to pay a regular dividend and trade more like a fixed-income instrument than a volatile crypto proxy.

The key date is June 30. Investors who own Stride before the ex-dividend cutoff will qualify for the next payment, which is due July 15 and amounts to $0.48 a share. After that date, the market will refocus on Strategy’s monthly pricing review, which can adjust the dividend rate on the perpetual preferred.

Strategy has kept Stride’s dividend rate at 11.5% for four straight months. At the current market price, that has pushed the stock’s effective yield to nearly 15%, a level that reflects how far the preferred has drifted below par. Some market participants have been discussing a possible increase to 12% or 12.5%, although no change has been announced.

Even so, the bigger force appears to be Bitcoin itself. CoinDesk said a recovery in BTC, rather than a higher dividend rate, is likely the main factor that could pull Stride back toward par. That leaves the preferred tied not only to Strategy’s monthly reset mechanism, but also to the price direction of the company’s core treasury asset.

Strategy’s common shares remain under pressure too. The stock closed at $85.33 on June 25, more than 84% below the record high it set in November 2025. That weakness is spilling across the company’s wider Bitcoin-linked capital structure, where investors are now watching both the June 30 ex-dividend date and the next dividend-rate reset for signs of stabilization.