Investors are keeping a close watch on Strategy’s upcoming ex-dividend date and the monthly reset of the STRC preferred dividend rate.

Strategy (MSTR) perpetual preferred shares, STRC, fell about 3% in Friday pre-market trading, slipping under $73—roughly 27% below the $100 par level—as markets focus on June 30, which marks two key events.

The first is the ex-dividend date. Holders of STRC before this cutoff will be eligible for the next dividend, while those buying on or after June 30 will not receive it. The date also functions as the record date, with eligible investors set to receive STRC’s first semi-monthly dividend of $0.48 per share on July 15.

Normally, a stock falls by about the value of its dividend when it goes ex-dividend. In STRC’s case, the $0.48 payout amounts to less than 0.7% of the current ~$73 price—small relative to its recent 2–3% daily moves, meaning the ex-dividend event is unlikely to materially affect price action.

The more important catalyst is the monthly dividend rate reset. STRC is a perpetual preferred stock with no maturity, and its payout rate is subject to periodic adjustment.

Strategy has maintained an 11.50% dividend rate for four straight months despite STRC trading well below par. With a one-month VWAP of $91.46 and shares now near $73, the implied yield has risen to about 15%, suggesting the market is demanding a higher return than the current coupon provides.

That increases expectations for a potential upward revision toward 12%–12.50%. However, STRC’s ability to recover toward par is likely to depend more on Bitcoin’s direction than on small changes in yield.

Meanwhile, MSTR common stock trades near $85, still more than 84% below its November 2024 peak, adding further pressure to Strategy’s bitcoin-linked capital structure.