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MSTR’s Perpetual Preferred Shares Surge Amid Bitcoin Rally and S&P 500 Speculation
Bitcoin’s record monthly close has fueled speculation over potential market shifts tied to Strategy (MSTR), though broader economic factors like interest rates may also be influencing investor behavior.
Strategy’s perpetual preferred shares appear to be positioning for the bitcoin-accumulation company’s possible inclusion in the S&P 500. Bitcoin’s strong performance in June pushed quarterly earnings for Strategy high enough to meet the financial thresholds required for entry into the U.S. equity benchmark, according to some analysts.
However, the appeal of Strategy’s preferred shares may extend beyond just index inclusion hopes. These shares currently offer yields exceeding the Federal Reserve’s target range of 4.25%-4.5%, a factor likely attracting investors—particularly amid President Donald Trump’s calls for lower U.S. interest rates.
While any official decision about S&P 500 inclusion isn’t expected until September, MSTR shares rose 5% on Monday, surpassing $400 for the first time since May 22. Gains were even more pronounced in the company’s perpetual preferred shares: STRK surged 15%, STRF climbed 7.5%, and STRD increased by 3%.
Bitcoin finished June at $107,750, translating into a positive earnings impact of approximately $11 billion for Strategy, headquartered in Tyson’s Corner, Virginia. Analyst Jeff Walton estimates this lifts the firm’s earnings per share to around $39.50—sufficient for Strategy to post a net positive result over the last four quarters, the final hurdle for potential S&P 500 inclusion.
Companies often see their shares rally when they’re added to the S&P 500, as index membership attracts institutional investors who are restricted from holding stocks outside the benchmark.
STRK’s price climbed to $121, offering an effective yield of 6.6%. Since its launch on February 6, STRK has returned 42%, far outpacing bitcoin’s 11% gain and the S&P 500’s modest 2% rise over the same period. These figures exclude any dividends associated with the products. STRF now offers a yield of 8.8%, while STRD delivers an even higher yield of 11.1%.
Altogether, these dynamics raise the question of whether the recent market moves reflect investors front-running the anticipated inclusion of MSTR in the S&P 500—or simply chasing attractive yields amid shifting macroeconomic conditions.
