Beyond senior convertible debt and common equity, Strategy has pioneered institutional perpetual preferred equity offerings. These securities provide retail and institutional income investors with fixed or floating dividend yields backed by the world's premier corporate Bitcoin treasury.
Strategy currently supports **5 distinct preferred series**:
**STRC**: Monthly/semi-monthly high-yield income series.**STRD**: Institutional dividend series with high liquidity.**STRF**: Fixed-rate cumulative preferred series.**STRK**: Convertible preferred equity with common equity upside participation.**STRE**: EUR-denominated preferred series traded across European capital markets.
Preferred stocks trade on a fixed **Par Value ($100.00 / €100.00)**:
**Stated Dividend Rate (Yield at Par)**: The contractual percentage coupon paid annually based on the $100 par value. For example, a 10.00% stated rate yields exactly $10.00 per share annually ($2.50 per quarter).**Effective Yield**: The actual return an investor earns when purchasing the preferred share at current market price:\text{Effective Yield} = \frac{\text{Annual Dividend Per Share}}{P_{\text{market}}} \times 100\%
**Premium to Par %**: Measures market demand relative to liquidation preference:\text{Premium to Par} = \frac{P_{\text{market}} - 100.0}{100.0} \times 100\%
When shares trade at $102.50, the premium to par is **+2.50%**, and effective yield compresses slightly below the stated rate to reflect strong secondary market demand.
Strategy's total perpetual preferred notional preference stands at **$14.804 billion**.
**Annual Preferred Dividend Commitment**: ~**$1.648 billion** annually.Combined with the $34.6M convertible debt interest, total annual corporate funding obligations equal **$1.683 billion**.How Strategy Safeguards Dividends
Critics frequently ask: *How can Strategy commit to $1.65B in annual dividends without selling Bitcoin?*
**Dedicated USD Reserve & Cash**: Strategy maintains a multi-billion dollar liquid USD Reserve invested in short-term US Treasury bills and cash equivalents.**ATM Equity Facility**: Strategy's active At-The-Market equity programs continuously capture premium-to-NAV equity market inflows, replenishing the USD Reserve.**Unprecedented Coverage Multiple (39+ Years)**:\text{Coverage Multiple} = \frac{\text{Gross Bitcoin NAV}}{\text{Annual Total Funding}} \approx 39.2\text{ years}
Even under zero software revenue and frozen equity markets, Strategy’s Bitcoin reserves alone represent nearly four decades of funding capacity.
StrategyViewer tracks the full calendar and metrics for all 5 preferred tickers:
Price and 24h market change.Par value ($100 / €100) and premium/discount to par %.Stated yield at par vs. live effective market yield.Ex-dividend, record, declaration, and payment dates.Instrument-level BTC rating coverage.