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Institutional-grade intelligence for Strategy (MSTR) and global corporate Bitcoin treasuries. Real-time mNAV modeling, senior convertible credit analytics, and perpetual preferred tracking.

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Full capital stack

Senior preferred

STRC · Stretch

Strategy’s largest preferred series. Variable-rate, cumulative, and sized as the primary Bitcoin-backed income product. Payment cadence is set by the board; unverified monthly labels are not treated as terms.

KPI updated 1d ago · tracker feed updated 14m ago. Source order is on the methodology page.

Notional

$9.82B

Liquidation preference

Stated yield

12.00%

Variable / board-set

Annual dividend

$1.18B

Notional × stated rate

BTC Rating

3.97x

NAV / claims through this series

BTC Floor

$21,010

Spot / BTC Rating

Share of claims

45.6%

Of debt + preferred

Position in the claim stack

Senior convertible notes$6.71B
STRF · Strife$1.28B
STRC · Stretch$9.82B
STRE · Strike EUR$899.0M
STRK · Strike$1.40B
STRD · Stride$1.40B

Terms

Currency

USD

Dividend

Variable

Frequency

Board-set

Cumulative

Yes

Convertible

Who it is for

Income buyers who want a large, senior, variable-rate preferred rather than common-equity BTC beta.

Issuer terms

Latest reported dividend

0.5 USD / share · Record 2026-10-31. Tracker calendars may omit earlier scheduled payments.

Other preferred series

STRF · Strife STRE · Strike EUR STRK · Strike STRD · Stride

Coverage multiples are economic illustrations against Bitcoin NAV, not rating-agency grades or legal collateral. This page is not an offer to buy or sell securities.