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By James Van Straten|Edited by Sheldon Reback
Jul 1, 2025, 9:10 a.m.
- Strategy (MSTR) meets S&P 500 inclusion criteria because bitcoin’s monthly close at $107,750 boosts its earnings to $11 billion and lifts EPS to $39.50, according to one analyst.
- STRK perpetual preferred shares jumped 15% in one day to $121, outpacing bitcoin and the S&P 500 as investors anticipate possible index inclusion.
- The stocks’ effective yield is also higher than the U.S. interest rate, which President Trump is calling to be lowered.
Disclaimer: The analyst who wrote this article has shares in Strategy (MSTR)
Strategy’s (MSTR) perpetual preferred shares may be anticipating the bitcoin-accumulation company’s inclusion in the S&P 500 index after the largest cryptocurrency posted a record-high monthly close at a price some analysts calculate lifted quarterly earnings to a level that qualifies it for the U.S. equity benchmark.
That may not be the only reason for their popularity, however. The stocks all offer yields above the Federal Reserve’s target rate of 4.25%-4.5% at levels that may be enough to attract investor interest, especially given President Donald Trump’s calls for U.S. interest rates to be lowered.
STORY CONTINUES BELOW
While the official announcement regarding S&P 500 inclusion is not due until September. Still, on Monday, MSTR rose 5%, pushing the stock above $400, its highest since May 22. More notable gains came from the perpetual preferred shares, STRK, which climbed 15% and STRF, which added 7.5%. The STRD shares rose 3%.
Bitcoin
ended June at $107,750, a level that translates into a positive earnings impact of about $11 billion for Tyson Corner, Virgina-based Strategy, and boosts earnings per share to around $39.50, according to MSTR analyst Jeff Walton. That’s enough for it to post a net positive figure from the most recent four quarters, the last barrier it faced to be added to the S&P 500.
Shares often rise when they join, or are expected to join, the benchmark because membership opens up greater demand from institutions who are not allowed to invest in companies that haven’t made the cut.
STRK’s advance pushed the price to $121 with an effective yield of 6.6%. Since its Feb. 6 launch, STRK has delivered a 42% return, outperforming both bitcoin’s 11% jump and the S&P 500’s 2%. The figures exclude dividend payments associated with these products. STRF now offers an effective yield of 8.8% and STRD 11.1%.
Altogether, these developments raise the question of whether recent market moves represent front running ahead of a possible inclusion of MSTR in the S&P 500 alone.
Read more: Strategy Could Be Eligible for S&P 500 Inclusion in June if Bitcoin Closes Q1 Above $96K
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
