Strategy's preferred stack
Four ways to earn a coupon off the same bitcoin balance sheet. Ranked here by seniority — who gets paid first if things go wrong.
10.00% Series A Perpetual Strife Preferred Stock
Most senior of the four. Fixed 10% on $100 stated value, non-convertible — a pure high-yield perpetual with cumulative dividends.
Variable Rate Series A Perpetual Stretch Preferred Stock
Variable-rate perpetual designed to trade near $100, with dividends paid semi-monthly. Ranks junior only to STRF and senior to STRK and STRD. The rate resets periodically — it launched at 9% (Aug 2025) and has been reset upward since — so the figure shown is the latest declared rate, not a fixed promise. Confirm the current declared rate before relying on it.
8.00% Series A Perpetual Strike Preferred Stock
Convertible perpetual preferred. Fixed 8% on $100 stated value, plus optional conversion into MSTR common above a strike price — the only series with equity upside.
10.00% Series A Perpetual Stride Preferred Stock
Fixed 10% on $100 stated value, non-convertible and non-cumulative — the most junior of the four (junior to STRF, STRC and STRK), so the same headline rate as STRF but with the most risk.