Strategy Inc 8.00% Series A Perpetual Strike Preferred Stock

STRK

Market cap $640M

Strategy Inc (NASDAQ:MSTR ) H.C. Wainwright 27th Annual Global Investment Conference September 8, 2025 4:00 PM EDT Company Participants Michael Saylor - Executive Chairman Conference Call Participants Michael Colonnese - H.C.

STRK offers steady income and share price appreciation, and is therefore a reasonable supplement to dividend stocks, REITs, MLPs, and ETFs like SCHD. STRK is heavily overcollateralized by Strategy's Bitcoin holdings, making its risk quantifiable and hedgeable, unlike earnings-based dividend stocks. The market applies an excessive discount rate to STRK; actual risk is much lower, offering significant upside and an effective yield above 8%.

MicroStrategy Incorporated (NASDAQ:MSTR ) Q2 2025 Earnings Conference Call July 31, 2025 5:00 PM ET Company Participants Andrew Kang - Executive VP & CFO Michael J. Saylor - Executive Chairman Phong Q.

TYSONS CORNER, Va.--(BUSINESS WIRE)--Strategy™ (Nasdaq: MSTR; STRK; STRF; STRD; STRC) today announced that it has entered into a sales agreement pursuant to which Strategy may issue and sell shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share (the “STRC Stock”), having an aggregate offering price of up to $4.2 billion (the “ATM Program”). Strategy expects to make sales of STRC Stock pursuant to the ATM Program in a disciplined manner over an extend.

Bitcoin could reach $135,000 by the year-end in a base case scenario or surge as much as $199,000 in a bullish case backed by increasing demand for spot exchange-traded funds (ETFs), according to Citi analysts. In a bearish scenario, influenced by weaker macroeconomic conditions, the analysts project that Bitcoin could fall to around $64,000.

We take a look at the action in preferreds and baby bonds through the third week of June and highlight some of the key themes we are watching. Preferreds delivered solid performance in April, with credit spreads tightening but yields rising due to higher Treasury rates. Strategy (formerly MicroStrategy) issued a 10% non-cumulative preferred; main risks are BTC price volatility and asset coverage mechanics, not cash flow.

I seeded my son's UTMA account with STRK, Strategy's convertible preferred stock, for its blend of yield, downside protection, and equity-like upside. STRK offers a high-yield income stream, the potential for capital appreciation, and a lower downside risk profile than MSTR, making it a compelling option for a portfolio. Some risks include Bitcoin volatility, capital structure changes, and possible dividend deferral, but STRK sits higher in the capital stack than Strategy's common equity and STRD.

Strategy's fixed-income securities offer investors an income-based way to gain exposure to Bitcoin. STRK and STRF have substantially different clauses that align them with different types of investors. Both preferreds are currently swapping hands at small premiums to their $100 per share liquidation value. STRK's convertible feature exposes its holders to more MSTR volatility versus STRF.

We take a look at the action in preferreds and baby bonds through the second week of May and highlight some of the key themes we are watching. Preferred stocks saw gains as sector spreads tightened, and Treasury yields stabilized, with average yields just below 7%. Two Harbors plans to list a 9.325% 2030 bond, offering an attractive yield relative to its preferreds.

MicroStrategy Incorporated (NASDAQ:MSTR ) Q1 2025 Earnings Conference Call May 1, 2025 5:00 PM ET Company Participants Shirish Jajodia - Corporate Treasurer & Head, IR Phong Le - President, CEO & Director Andrew Kang - EVP & CFO Michael Saylor - Executive Chairman Conference Call Participants Operator Shirish Jajodia Hello, everyone, and good evening. I'm Shirish Jajodia, Corporate Treasurer and Head of Investor Relations at Strategy.