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Senior convertible notes, perpetual preferreds, and common equity ranked by claim priority against Strategy’s Bitcoin reserve. BTC Rating is a coverage multiple (Bitcoin NAV / cumulative claims), not a rating-agency grade.
KPI updated 1d ago · tracker feed updated 13m ago. Source order is on the methodology page.
Heights are proportional to notional. Senior claims at the top.
Cushion $49.21B
Tranched by maturity. BTC Rating at each row is Bitcoin NAV divided by cumulative principal through that note.
| Maturity | Principal | Coupon | Conversion | Moneyness | Premium | Duration | BTC Rating | BTC Floor |
|---|---|---|---|---|---|---|---|---|
| 2028 | $1.01B | 0.625% | $183.19 | OTM | 20.0% | 1.9y | 70.03x | $1,191 |
| 2029 | $2.00B | 0.000% | $672.40 | OTM | 340.4% | 3.1y | 23.50x | $3,549 |
| 2030 | $1.50B | 0.000% | $433.43 | OTM | 183.9% | 3.4y | 15.68x | $5,319 |
| 2030 | $800.0M | 0.625% | $149.77 | ITM | -1.9% | 3.4y | 13.32x | $6,262 |
| 2031 | $604.0M | 0.875% | $232.72 | OTM | 52.4% | 4.4y | 11.96x | $6,974 |
| 2032 | $800.0M | 2.250% | $204.33 | OTM | 33.8% | 5.7y | 10.53x | $7,921 |
Ordered by credit seniority: STRF, STRC, STRE, STRK, then STRD. STRE is euro-denominated. STRC’s payment frequency is board-set; unverified tracker labels are not shown.
| Series | Seniority | Notional | Stated yield | Annual dividend | Cumulative | Convertible | BTC Rating | BTC Floor |
|---|---|---|---|---|---|---|---|---|
| STRF · Strife | Senior-most preferred | $1.28B | 10.00% | $128.4M | Yes | No | 8.84x | $9,435 |
| STRC · Stretch | Senior preferred | $9.82B | 12.00% | $1.18B | Yes | No | 3.97x | $21,010 |
| STRE · Strike EUR | Euro preferred | $899.0M | 10.00% | $89.9M | Yes | No | 3.78x | $22,066 |
| STRK · Strike | Convertible preferred | $1.40B | 8.00% | $112.2M | Yes | Yes | 3.52x | $23,696 |
| STRD · Stride | Junior-most preferred | $1.40B | 10.00% | $140.2M | No | No | 3.29x | $25,352 |
Figures follow Strategy’s published capital-structure definitions where the local ledger reconciles to disclosed totals. See the holdings audit trail and Bitcoin NAV vs. debt chart for historical coverage. Preferred terms are summarized from issuer disclosures; they are not an offer to buy or sell securities. Source order and withheld fields are listed under methodology.