Strategy (MSTR) Preferred Stocks: STRC, STRF, STRK & STRD Compared

Strategy Inc funds its Bitcoin treasury partly by issuing perpetual preferred stocks — branded "digital credit" — with some of the highest stated yields on US exchanges. This page tracks all five series: current dividend rates, payment schedules, seniority, and how to tell them apart.

STRF Strife

#1 of 5 preferred series

10.00%

Cumulative dividends

QuarterlyNasdaq

STRC Stretch

#2 of 5 preferred series

12.00%

Variable (reset monthly)

Semi-monthlyNasdaq

STRK Strike

#3 of 5 preferred series

#4 of 5 preferred series

10.00%

Cumulative dividends: No

QuarterlyNasdaq

All Five Series at a Glance

Series	Rate	Frequency	Cumulative	Seniority	Exchange
STRF Strife	10.00%	Quarterly	Yes	#1 of 5 preferred series	Nasdaq
STRC Stretch	12.00% *	Semi-monthly	Yes	#2 of 5 preferred series	Nasdaq
STRK Strike	8.00%	Quarterly	Yes	#3 of 5 preferred series	Nasdaq
STRD Stride	10.00%	Quarterly	No	#4 of 5 preferred series	Nasdaq
STRE Stream	10.00%	Quarterly	—	#5 of 5 preferred series	LuxSE · EUR

* Variable (reset monthly)

Capital Stack: Who Gets Paid First

← Paid first (lower risk)Paid last (higher risk) →

Bonds & other debt→STRF→STRC→STRK→STRD→MSTR common stock

STRC vs STRF vs STRK vs STRD: Which One Fits Which Investor?

STRF — the safety pick. Most senior of the preferreds, cumulative 10% fixed, with missed payments compounding at up to 18% until paid.STRC — the cash-flow pick. Variable 12% paid twice a month, engineered to trade near $100 so yield, not price, absorbs volatility.STRK — income plus upside. Fixed 8% with the right to convert each share into 0.10 MSTR common shares.STRD — highest risk, highest stack position for yield hunters. Fixed 10% but non-cumulative and most junior: skipped dividends never come back.

Why This Matters for Bitcoin Holders

These dividends are a real cash obligation — in mid-2026 Strategy sold Bitcoin for the first time since 2022 to help fund them.

Read: Why is Strategy selling Bitcoin? →

Official Sources

For information only — not investment advice. Preferred dividends are paid only if declared by the board, and none of these securities are collateralized by Strategy's Bitcoin holdings.