Strategy’s Stride Trades 27% Below Par as June 30 Ex-Dividend Date, Yield Reset Draw Focus

Strategy’s perpetual preferred stock Stride, issued by the world’s largest corporate Bitcoin holder, is drawing market attention as it trades well below its $100 par value ahead of its ex-dividend date at the end of this month and a monthly dividend-rate reset.

CoinDesk reported on June 26 that Stride was trading around $73 in premarket trading, down about 3% from the previous session’s close. That leaves it roughly 27% below par.

Investors are focused on Stride’s June 30 ex-dividend date. Holders of the stock before that date will qualify for the next payout, CoinDesk reported. Eligible investors will receive the first dividend of $0.48 a share on July 15.

The bigger variable is Strategy’s monthly dividend-rate reset. Stride is a perpetual preferred stock with no maturity date, and its dividend rate is adjusted periodically.

Strategy has held Stride’s dividend rate at 11.5% for the past four straight months. With the stock trading sharply below par, however, its effective yield has climbed to nearly 15%.

Some market participants have raised the possibility that Strategy could increase Stride’s dividend rate to 12% to 12.5%. CoinDesk said a rebound in Bitcoin, more than a dividend-rate adjustment, will be key for Stride to recover toward par value.

Strategy’s common stock has also remained under pressure. The shares closed at $85.33 on June 25, down more than 84% from the record high reached in November 2025.

CoinDesk said the drop is adding further strain across Strategy’s broader Bitcoin-linked leveraged capital structure.