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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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Weekly Newsletter

Get our institutional dispatch every Monday with mNAV spreads and balance sheet updates.

Full capital stack

Convertible preferred

STRK · Strike

8% cumulative preferred with conversion into MSTR common. Bridges credit income and equity upside, so it sits below STRC/STRE in the preferred stack.

KPI updated 1d ago · tracker feed updated 18m ago. Source order is on the methodology page.

Notional

$1.40B

Liquidation preference

Stated yield

8.00%

Par yield

Annual dividend

$112.2M

Notional × stated rate

BTC Rating

3.52x

NAV / claims through this series

BTC Floor

$23,720

Spot / BTC Rating

Share of claims

6.5%

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

Fixed

Frequency

Quarterly

Cumulative

Yes

Convertible

Yes

Who it is for

Investors who want preferred income plus a call on MSTR common.

Issuer terms

Latest reported dividend

2 USD / share · Record 2026-09-15. Tracker calendars may omit earlier scheduled payments.

Other preferred series

STRF · Strife STRC · Stretch STRE · Strike EUR 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.