STRK (Strike) 8% Perpetual Preferred: Capital Stack, Conversion & Total-Return Analysis

This report provides a comprehensive analysis of Strategy Inc.’s (f/k/a MicroStrategy) 8% Series A Perpetual "Strike" Preferred Stock (STRK). STRK offers a fixed 8% cumulative dividend and a conversion feature into MSTR Class A common, positioning it as a hybrid instrument. It sits structurally senior to MSTR common but junior to other preferred series and debt within Strategy’s capital stack, appealing to investors seeking income and conditional equity upside.