Track and analyze Bitcoin-backed preferred equity and digital credit securities (STRC, STRD, STRF, STRK, SATA).
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Bitcoin Preferred Equity Digital Credit Dashboard

Analyze and compare BTC preferred equities like STRC issued by Strategy/MicroStrategy (MSTR)

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Bitcoin Preferred Equity Dashboard | Strategy/MicroStrategy (MSTR) and Strive (ASST)

This dashboard tracks preferred stock and preferred equity securities issued by companies with significant Bitcoin treasury holdings. The primary securities include $STRC (Stretch), $STRD, $STRF, and $STRK issued by Strategy Inc (formerly MicroStrategy, NASDAQ: MSTR), plus $SATA issued by Strive Inc (NASDAQ: ASST). View detailed Strategy's Bitcoin treasury analytics and Strive's Bitcoin holdings on their respective company pages.

These MSTR prefs and Strive preferred stock provide investors with dividend income while maintaining indirect Bitcoin exposure through the issuing companies' corporate BTC treasury management. The interactive charts above provide detailed analysis of yield trends, trading volume, and price movements for each security, including real-time STRC price tracking and comprehensive analysis of all MSTR prefs. For broader Bitcoin treasury analysis across 100+ companies, explore our Bitcoin Treasury Tracker.

STRC Analysis & ATM Tracking

STRC (Variable Rate Series A Perpetual "Stretch" Preferred Stock) is the most actively traded of Strategy's preferred suite, with significant At-The-Market (ATM) sales activity. Our weekly breakdown tracks daily trading volume, STRC price movements, and ATM activity, helping investors understand how Strategy monetizes its Bitcoin holdings through preferred equity issuance.

The analysis includes volume above $100 (the threshold for potential ATM activity), estimated ATM capture rates, and the relationship between STRC price patterns and Strategy's Bitcoin acquisition strategy. Monitor STRC price trends alongside other MSTR prefs to understand relative performance and market dynamics.

The Digital Credit Thesis: Volatility Stripping

Bitcoin preferred stock and preferred equity represent unique investment vehicles based on the concept of Digital Credit and volatility stripping. Traditional credit relies on cash flow (EBITDA), while Digital Credit relies on asset volatility. Companies like Strategy Inc (MSTR) and Strive Inc act as "volatility refineries"—they take raw Bitcoin (BTC) from their treasury reserves and separate it into two distinct products:

  • Common Equity (MSTR/ASST): Absorbs the volatility and capital appreciation, creating an amplified long Bitcoin position that benefits from the company's BTC treasury growth.
  • Preferred Stock (Digital Credit): Strips out the volatility to offer a stable, "high-yield" fixed income instrument tied to Bitcoin collateral. This is where the MSTR prefs (STRC, STRD, STRF, STRK) fit into the capital stack.

This creates a synthetic Bitcoin yield—the effective return investors receive from preferred dividends while the issuer monetizes the underlying Bitcoin volatility from their BTC treasury holdings. The dividend payments from MSTR prefs like STRC often qualify for ROC (Return of Capital) tax treatment, providing potential tax efficiency for income-focused investors.

Instrument Profiles & Structural Differences

The five primary instruments differ significantly in their capital stack priority, dividend structure, and risk profile.

The Strategy Inc. Stack (MSTR Prefs)

Strategy Inc. (MSTR) segments its capital structure into four tranches of MSTR prefs, moving from "cash-like" stability to "equity-like" upside. Track Strategy's complete Bitcoin treasury profile including holdings, purchase history, and financial metrics.

$STRC "Stretch" (Stable Value / Variable Rate): Designed as a cash equivalent. The dividend rate floats monthly to keep the price pegged to its $100 Par Value. It offers safety with a variable yield, stripping out nearly all price volatility.
$STRF "Strife" (Senior Fixed / Cumulative): The "Investment Grade" income tier. Features Cumulative Dividends—if the company pauses payments during a downturn, they owe you the back-pay before they can pay anyone else.
$STRD "Stride" (Subordinate / High Yield): The "High Yield" tier for aggressive income seekers. Features Non-Cumulative dividends. If the company skips a dividend, it is lost forever. In exchange for this risk, it offers the highest fixed yield in the stack.
$STRK "Strike" (Convertible / Hybrid): The "Growth" tier. Offers a lower fixed yield than STRD but includes an Embedded Call Option. Holders can swap their preferred shares for Common Stock (MSTR) if the share price hits a specific "Strike" price, re-introducing upside volatility.

The Performance Bridge: Strive (ASST)

$SATA (Strive Series A): A "pure-play" instrument designed to bridge conservative and aggressive capital allocation. Unlike fixed coupons, Strive's SATA targets a competitive, floating yield directly tied to Bitcoin per share growth. It positions itself between the defensive profile of $STRF and the volatility of $STRD. View Strive's Bitcoin treasury analytics and performance metrics.

Key Metrics to Track

Price: The current market price of the individual security. If the Price trades significantly below the Par Value (e.g., trading at $22 on a $25 Par), it indicates the market is pricing in distress.

Effective Yield: Calculated as the Annualized Dividend / Current Price. This metric shows the actual income return an investor receives at the current entry price.

Average 30-Day Volume: A measure of liquidity indicating the average number of shares traded daily. Higher volume ensures tighter bid-ask spreads, critical for maintaining the "cash-like" utility of instruments like STRC.

30-Day Volatility: Measures the stability of the price over the last month. Since the goal of Digital Credit is volatility stripping, this metric should ideally remain low. A spike in volatility suggests the asset is beginning to correlate with the underlying Bitcoin price (BTC).

Sharpe Ratio: A risk-adjusted return metric that helps compare preferred series on a return-per-unit-of-volatility basis (using an explicit risk-free rate assumption).

Notional Value: Represents the total liquidation preference of the series (Shares Outstanding × Par Value). This tells you the magnitude of the claim the preferred shareholders have on the issuer's balance sheet.

Preferred Equity vs. Common Stock

When comparing common vs. preferred shares, the distinction is risk and priority. Common stock (MSTR or ASST) represents direct ownership with voting rights and unlimited upside potential tied to the company's Bitcoin treasury performance. Preferred stock offers fixed dividend payments and priority in liquidation but typically lacks voting rights. In the Digital Credit framework, common equity absorbs BTC volatility while preferred stock provides stable income backed by the issuer's treasury reserves—the spread between them creates arbitrage opportunities for sophisticated investors. For comprehensive Bitcoin treasury analysis, visit our Bitcoin Treasury Tracker.

Disclaimer: This dashboard provides real-time data for informational purposes only. It does not constitute financial advice, investment recommendations, or solicitation to buy or sell any securities. All data is provided as-is and may contain errors or delays. Investors should conduct their own research and consult qualified financial advisors before making investment decisions.

Bitcoin Preferred Equity Detailed Analysis

Summary Comparison

Across Strategy's preferred equity suite and Strive's SATA, effective yields currently range from 9.91% (STRF) to 12.97% (SATA). The most actively traded instrument is STRC, averaging $122.08 million in daily volume over the past 30 days.

The combined notional value across all 5 instruments is $7.67 billion, with a combined market capitalization of $7.09 billion. Strategy's Bitcoin NAV currently stands at $48.32 billion, meaning the total preferred notional represents approximately 15.9% of the underlying Bitcoin collateral.

Strife (STRF)

Strife (STRF) currently trades at $100.94 with an effective yield of 9.91%, paying a 10.00% dividend Quarterly. STRF went public on March 21, 2025 at $85.00 per share.

With 12,839,689 shares outstanding, STRF has a notional value of $1.28 billion and a market capitalization of $1.30 billion. In the most recent session, STRF recorded $3.79 million in dollar volume, with a 30-day average of $23.45 million.

Of recent trading volume, 100.00% traded above par ($100) and 0.00% traded below par. STRF's 30-day volatility is 29.12% and its Sharpe ratio is 0.21.

Stretch (STRC)

Stretch (STRC) currently trades at $100.00 with an effective yield of 11.25%, paying a 11.25% dividend Monthly. STRC went public on July 25, 2025 at $90.00 per share.

With 33,794,897 shares outstanding, STRC has a notional value of $3.38 billion and a market capitalization of $3.38 billion. In the most recent session, STRC recorded $77.16 million in dollar volume, with a 30-day average of $122.08 million.

Of recent trading volume, 0.05% traded above par ($100) and 99.95% traded below par. STRC's 30-day volatility is 21.45% and its Sharpe ratio is 0.35.

Strike (STRK)

Strike (STRK) currently trades at $80.44 with an effective yield of 9.95%, paying a 8.00% dividend Quarterly. STRK went public on January 31, 2025 at $80.00 per share.

With 14,020,744 shares outstanding, STRK has a notional value of $1.40 billion and a market capitalization of $1.13 billion. In the most recent session, STRK recorded $8.08 million in dollar volume, with a 30-day average of $17.08 million.

Of recent trading volume, 0.00% traded above par ($100) and 100.00% traded below par. STRK's 30-day volatility is 41.89% and its Sharpe ratio is 0.15.

Stride (STRD)

Stride (STRD) currently trades at $77.79 with an effective yield of 12.86%, paying a 10.00% dividend Quarterly. STRD went public on June 6, 2025 at $85.00 per share.

With 14,024,221 shares outstanding, STRD has a notional value of $1.40 billion and a market capitalization of $1.09 billion. In the most recent session, STRD recorded $4.23 million in dollar volume, with a 30-day average of $16.88 million.

Of recent trading volume, 0.00% traded above par ($100) and 100.00% traded below par. STRD's 30-day volatility is 35.40% and its Sharpe ratio is 0.26.

SATA (SATA)

SATA (SATA) currently trades at $96.39 with an effective yield of 12.97%. SATA went public on November 10, 2025 at $80.00 per share.

With 2,013,000 shares outstanding, SATA has a notional value of $201.30 million and a market capitalization of $194.03 million. In the most recent session, SATA recorded $31.85 million in dollar volume, with a 30-day average of $13.88 million.

Of recent trading volume, 0.00% traded above par ($100) and 100.00% traded below par. SATA's 30-day volatility is 43.62% and its Sharpe ratio is 0.21.

Bitcoin Preferred Equity Data & Analysis on BitcoinQuant

All of the data on this page — including current prices, effective yields, trading volume, par value distribution, volatility, and Sharpe ratios for each Bitcoin-backed preferred equity instrument — is calculated in real time and updated continuously on BitcoinQuant.

BitcoinQuant tracks Strategy's full preferred equity capital stack alongside the broader universe of Bitcoin treasury companies, providing investors with real-time analytics to compare yield, risk, and liquidity across every instrument in the Bitcoin preferred equity market.

FAQ: Bitcoin Preferred Equity & Digital Credit

What is the difference between buying MSTR common stock and Strategy's preferred stocks?▾
MSTR common stock gives investors leveraged upside exposure to Bitcoin — when BTC rises, MSTR typically rises faster due to the company's leveraged capital structure, and when BTC falls, MSTR falls harder. The preferred stocks (STRC, STRD, STRF, STRK) strip out that volatility and replace it with dividend income. Common shareholders get unlimited upside but sit at the bottom of the capital stack. Preferred shareholders get fixed or variable dividends and are paid before common equity in any distress scenario, but they give up most of the price appreciation. The choice comes down to whether an investor wants amplified Bitcoin exposure or yield backed by Bitcoin collateral. Both are tracked on BitcoinQuant — MSTR common on its company profile page, and the preferred instruments on this page.
What are the differences between STRC, STRD, STRF, and STRK?▾
Strategy issues four preferred equity instruments, each occupying a different tier in the capital structure. STRF is the most senior preferred with a fixed cumulative 10% dividend — if Strategy misses a payment, the unpaid dividends accrue and must be paid before any other preferred or common dividends. STRC is a variable-rate instrument designed to trade near its $100 par value, with the dividend rate adjusting monthly to maintain price stability. STRK is a convertible preferred paying an 8% cumulative dividend with the option to convert into MSTR common stock at a preset strike price, giving holders both yield and equity upside. STRD is the most junior preferred with a fixed 10% non-cumulative dividend — the highest fixed yield in the stack, but if a payment is skipped, it's gone permanently. The seniority order from safest to riskiest is: STRF → STRC → STRK → STRD.
How is the variable dividend rate for STRC calculated?▾
STRC's dividend rate resets monthly based on a formula designed to keep the trading price near $100 par. The rate adjusts in response to where STRC is trading relative to par — if the price drifts below $100, the rate increases to attract buyers; if it trades above $100, the rate decreases. This floating mechanism makes STRC behave more like a money market instrument than a traditional preferred stock. The current effective yield for STRC is 11.25%, and BitcoinQuant tracks this yield in real time alongside daily trading volume and price movements.
What does it mean when a preferred stock trades above or below par?▾
Par value is $100 for Strategy's preferred instruments. When a preferred trades below par, the market is pricing in either higher interest rate expectations, perceived credit risk, or temporary selling pressure. The effective yield rises as the price drops, since the fixed dividend is paid on the same notional regardless of market price. When a preferred trades above par, the effective yield compresses. For STRC specifically, trading significantly above or below par can signal that the variable rate mechanism is lagging market conditions. BitcoinQuant tracks the percentage of daily volume trading above and below par for each instrument to help investors monitor these dynamics.
How do Bitcoin preferred stocks compare to traditional bonds or Treasury yields?▾
Bitcoin preferred stocks like STRF and STRD currently offer effective yields in the 9.91%–12.97% range, significantly above investment-grade corporate bonds and U.S. Treasury yields. However, the risk profile is fundamentally different. Traditional bonds are backed by cash flows from business operations. Bitcoin preferred stocks are backed by an asset that generates no cash flow — the issuer's ability to service dividends depends on continued access to capital markets and the value of the underlying Bitcoin treasury. The tradeoff is higher yield in exchange for exposure to Bitcoin price risk, issuer concentration risk, and a less established credit framework. These are not substitutes for Treasuries — they are a distinct asset class that BitcoinQuant categorizes as Digital Credit.
What is the capital structure seniority of Strategy's preferred stocks?▾
In the event of a liquidation or if Strategy cannot meet all its obligations, claims are paid in strict order of seniority. The order from first paid to last paid is: unsecured convertible notes (~$8.2 billion outstanding) → STRF (senior cumulative preferred) → STRC (variable rate preferred) → STRK (convertible preferred) → STRD (junior non-cumulative preferred) → MSTR common equity. Each layer must be fully satisfied before the layer below receives anything. This means STRF holders have the strongest claim among preferred investors, while STRD holders take the most risk in exchange for the highest fixed yield. Common equity absorbs all residual gains and losses after every other layer is paid, which is why MSTR stock has significantly higher volatility than any of the preferred instruments. BitcoinQuant displays all five preferred instruments in seniority order on this page to help investors evaluate risk relative to position in the capital stack.
What happens to these preferred stocks if Bitcoin drops significantly?▾
A sustained Bitcoin price decline affects preferred equity through two channels. First, it reduces the Bitcoin NAV backing the instruments, weakening the collateral coverage ratio. Strategy's preferred notional currently represents approximately 15.9% of the underlying Bitcoin collateral — as BTC price falls, that percentage rises, meaning less collateral per dollar of preferred obligation. Second, a lower BTC price constrains the issuer's ability to raise capital through ATM equity sales, which is the primary mechanism for funding dividend payments and further Bitcoin acquisitions. Preferred holders are senior to common equity, so in a severe scenario, common stockholders absorb losses first. However, if the issuer cannot service dividend obligations, cumulative preferreds (STRF, STRK) accrue unpaid dividends while non-cumulative preferreds (STRD) lose skipped payments permanently. BitcoinQuant tracks Strategy's BTC Rating and debt-to-NAV ratio in real time to help investors monitor collateral health.
What is SATA and how does it differ from Strategy's preferred stocks?▾
SATA is a Series A preferred stock issued by Strive Inc (NASDAQ: ASST), making it the first Bitcoin-backed preferred equity instrument issued by a company other than Strategy. Unlike Strategy's fixed or variable rate instruments, SATA targets a floating yield tied to Bitcoin per share growth, positioning it between the defensive profile of STRF and the volatility of STRD. SATA currently trades at $96.39 with an effective yield of 12.97%. The key structural difference is issuer — SATA's dividend obligations are backed by Strive's Bitcoin treasury, not Strategy's, which means different balance sheet size, different collateral coverage, and different credit risk. BitcoinQuant tracks both issuers' preferred instruments on this page for side-by-side comparison.
Are Bitcoin preferred stock dividends considered Return of Capital?▾
Dividend payments from Strategy's preferred instruments have in certain periods qualified for Return of Capital (ROC) treatment rather than ordinary income for U.S. tax purposes. ROC distributions reduce the investor's cost basis rather than being taxed as current income, effectively deferring the tax liability until the shares are sold. This can make the after-tax yield meaningfully higher than the stated effective yield. However, ROC treatment is determined by the issuer's tax situation in each period and is not guaranteed for future distributions. Investors should consult the issuer's tax reporting documents (Form 1099-DIV) and a tax advisor for their specific situation.
Last updated: Preferred Equity —. BTC —. Preferred equity prices & volume updated every ~10 minutes during market hours (9:30AM-4:30PM ET, weekdays). Bitcoin prices updated every ~2 minutes. Historical preferred equity data updated daily after market close.

Disclaimer: BitcoinQuant is for informational and educational purposes only and does not constitute investment advice. Data may be delayed or contain inaccuracies.

Data Source & Methodology: Data sourced from Polygon.io. For volume above/below $99.99, we calculate the ratio from intraday minute bars and apply it to the daily aggregate volume (official source), ensuring accuracy and preventing scaled volume from exceeding total volume.

Sources to Learn More

Strategy: mstr.com
Strive: strive.com
Michael Saylor: @Saylor
MSTR True North: mstrtruenorth.com
BTC Preferred X Community: X Community
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