ST
Software - Application
Bullish sentiment
The $STRK thread runs two bullish tracks — Starknet (the L2 token) is up ~60% over the month with the new STRK20 privacy stack live (shield, swap, stake, DeFi privately), bulls comparing it to "ZEC on steroids" with Starknet-army polls dominating. In parallel, Strategy's STRK preferred is being pitched as the retiree-friendly 10.6% yield + appreciation vehicle vs STRC's 12%. Both strands are long with no visible dissent.
Hinges on a big event
STRK is Strategy Inc's (formerly MicroStrategy) 8.00% Series A Perpetual Strike Preferred Stock — a convertible preferred-equity claim on the Bitcoin treasury company, trading at $75 against a $100 par. The Nov 11 special meeting on daily-dividend conversion is the direct catalyst holders are watching.
• The structure is what matters: STRK is one of four Strategy preferreds (STRC, STRF, STRK, STRD), each with different mechanics; STRK's 8% stated dividend plus convertibility above a reference price gives it both income and limited upside participation if MSTR common keeps compounding.
• The underlying business keeps raising common equity to buy Bitcoin — $246M via ATM in the week of Sep 21-27 alone — which strengthens the preferred's dividend coverage while diluting common; preferred holders sit above common in the capital stack.
• The daily-dividend amendment proposed on Sep 25 would convert the preferreds' dividend accrual to a daily basis — a technical change bulls model as a ~2% near-term re-rating because it reduces timing arbitrage and improves cash-flow predictability for income holders.
The Nov 11 vote is the specific binary: approval re-rates STRK toward par on the mechanical improvement; rejection keeps it range-bound in the current band; a sharp Bitcoin drawdown that stresses dividend coverage is the one tail-risk scenario where this breaks lower meaningfully.
