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Each series, in order of payment
| Series | Dividend a year | Terms | Liquidation preference | Outstanding | Bitcoin covers it and all above | Price (proxy) and yield |
|---|---|---|---|---|---|---|
| STRF | 10.00% | Cumulative, compounding, quarterly | $103.57 | $1.33B | 7.8× | – |
| STRC | 12.00% | Cumulative, semi-monthly | $100.00 | $9.10B | 3.7× | $99.52 12.06% yield |
| STRE | 10.00% | Cumulative, quarterly | €100.00 | $879.1M | 3.5× | – |
| STRK | 8.00% | Cumulative, quarterly | $100.00 | $1.40B | 3.2× | – |
| STRD | 10.00% | Not cumulative, quarterly | $100.00 | $1.40B | 3.0× | – |
| SATA | 13.00% | Cumulative, compounding, monthly | $100.01 | $1.30B | 2.5× | $96.63 13.45% yield |
What a series is worth at the yield you want
- STRF: 10.00% a year on $103.57, so $10.36 a year a share
- STRC: 12.00% a year on $100.00, so $12.00 a year a share; last price $99.52
- STRK: 8.00% a year on $100.00, so $8.00 a year a share
- STRD: 10.00% a year on $100.00, so $10.00 a year a share
- SATA: 13.00% a year on $100.01, so $13.00 a year a share; last price $96.63
The series one by one
STRF
Strategy's Strife preferred stock pays 10.00% a year on its $103.57 liquidation preference. Rate: Fixed. Cumulative; unpaid dividends compound at rising rates. Its company's bitcoin covers it, with everything ahead of it, 8.0×.
STRC
Strategy's Stretch preferred stock pays 12.00% a year on its $100.00 liquidation preference. Rate: Variable, set monthly by Strategy. Cumulative. Strategy aims to keep it trading near $99 to $100 by adjusting the rate. Its company's bitcoin covers it, with everything ahead of it, 3.7×.
STRE
Strategy's Stream preferred stock pays 10.00% a year on its €100.00 liquidation preference. Rate: Fixed, in euros. Cumulative. Its company's bitcoin covers it, with everything ahead of it, 3.6×.
STRK
Strategy's Strike preferred stock pays 8.00% a year on its $100.00 liquidation preference. Rate: Fixed. Cumulative. It converts into 0.1 class A share each. Its company's bitcoin covers it, with everything ahead of it, 3.3×.
STRD
Strategy's Stride preferred stock pays 10.00% a year on its $100.00 liquidation preference. Rate: Fixed. Not cumulative; dividends are discretionary. Its company's bitcoin covers it, with everything ahead of it, 3.1×.
SATA
Strive's Variable Rate Series A preferred stock pays 13.00% a year on its $100.01 liquidation preference. Rate: Variable, set by Strive. Cumulative; unpaid dividends compound monthly. Strive aims to keep it trading between $99 and $101 by adjusting the rate. Its company's bitcoin covers it, with everything ahead of it, 2.5×.
Strategy's convertible notes
| Note | Principal | Coupon | Conversion price | Shares on conversion | Matures | Fair value |
|---|---|---|---|---|---|---|
| 2028 Convertible Notes | $1.01B | 0.625% | $183.19 | 5,513,489 | 2028 | $1.20B |
| 2029 Convertible Notes | $1.50B | 0% | $672.40 | 2,230,800 | 2029 | $1.37B |
| 2030A Convertible Notes | $800.0M | 0.625% | $149.77 | 5,341,600 | 2030 | $1.04B |
| 2030B Convertible Notes | $2.00B | 0% | $433.43 | 4,614,400 | 2030 | $1.89B |
| 2031 Convertible Notes | $603.7M | 0.875% | $232.72 | 2,593,923 | 2031 | $662.8M |
| 2032 Convertible Notes | $800.0M | 2.25% | $204.33 | 3,915,200 | 2032 | $960.2M |
| Other Long Term Secured Debt | $39.9M | – | – | – | – | – |
Other treasury companies' debt and preferred stock
| Company | Bitcoin at our price | Debt | Preferred stock | Cash | Bitcoin over debt and preferred | Latest report |
|---|---|---|---|---|---|---|
| Twenty One Capital | $3.24B | $484.5M | – | – | 6.7× | 30 Jun 2026 |
| Strive | $3.21B | – | $1.30B | $285.4M | 2.5× | 30 Sep 2026 |
| MARA Holdings | $2.65B | $4.00B | – | $421.3M | 0.7× | 30 Jun 2026 |
| Hut 8 | $1.25B | $15.4B | – | $156.9M | 0.1× | 30 Sep 2026 |
| Silvia | $398.4M | $99.6M | – | – | 4.0× | 30 Jun 2026 |
| Sono Group | $5.19M | $9.40M | – | $166,000 | 0.6× | 30 Jun 2026 |
Sources and method
Every amount and rate comes from the companies' own filings with the US SEC: the tagged data (XBRL) of each company's latest quarterly or annual report gives each debt instrument's principal, coupon, conversion price and shares on conversion, and each preferred series' shares, liquidation preference and dividend rate. The order of payment and the cash reserve come from the same report's own sentences; whether unpaid dividends accumulate and how often dividends are paid, from the report named here (Strategy 10-Q for the quarter to 30 Sep 2026, accession 0001050446-26-000060; Strive 10-Q for the quarter to 30 Sep 2026, accession 0001628280-26-071332).
Coverage divides the company's bitcoin, its latest filed figure at our own price for the latest complete hour, by everything that is paid before and with a series: all debt, then each preferred series in the order its report states. A coverage of 4× means the bitcoin would pay that series and everything ahead of it four times over. It is not a credit rating: it ignores the company's other assets and liabilities, and a forced sale of bitcoin would not fetch today's price.
The figures on this page are free to reuse under CC BY 4.0: credit CryptoKeyhole with a link to this page.
Coverage and limits
- Reports, not live. Amounts are as of each company's latest report; preferred stock sold since (at the market or in offerings) shows with the next report.
- Prices are proxies. Kraken's tokenised stocks and Hyperliquid's perpetuals trade beside the exchange listing and can differ from it, especially when trading is thin.
- Euro series. STRE's liquidation preference is in euros; its total is shown in dollars as the report converts it, and no yield is computed for it.
Questions
What is STRC?
Which of Strategy's preferred stocks is safest?
By order of payment, CryptoKeyhole lists them as Strategy's report states it: STRF, STRC, STRE, STRK, STRD, from first to last. Each is paid only after all debt and every series ahead of it.
How much bitcoin backs the preferred stock?
What is SATA?
SATA is Strive's Variable Rate Series A Perpetual Preferred Stock: a $100 stated amount with a cumulative dividend Strive adjusts to keep the price near $100. CryptoKeyhole reads its terms from Strive's reports.
Can I use this data?
Yes. CryptoKeyhole licenses the figures on this page under Creative Commons Attribution 4.0 (CC BY 4.0): reuse them with credit to CryptoKeyhole and a link to this page.
Bitcoin treasury companiesAll free tools
Terms are as the companies state them in their filings with the US SEC, read by CryptoKeyhole; coverage uses our own BTC/USD price.