Which Strategy preferred is most senior?

STRF (Strife) is the senior-most Strategy preferred. In a liquidation it is paid before STRC, STRE, STRK and STRD. The full order is STRF, then STRC, then STRE, then STRK, then STRD, with all five junior to Strategy's debt. STRD (Stride) is the junior-most.

Which Strategy preferred is convertible into MSTR?

Only STRK (Strike) is convertible. Each share converts into 0.10 shares of MSTR common, an initial conversion price of $1,000. STRF, STRD, and STRC are not convertible.

What is the difference between cumulative and non-cumulative Strategy preferreds?

STRK, STRF, and STRC pay cumulative dividends — a missed payment accrues and must be paid later. STRD (Stride) is non-cumulative, so a skipped dividend is gone permanently with no right to recover it.

Strategy preferreds

Strategy preferreds compared: STRK vs STRF vs STRD vs STRC

Strategy (MSTR) has issued five perpetual preferred stocks, each a different slice of the same Bitcoin-backed balance sheet. The four compared side by side below are the US-listed ones; the fifth, STRE (Stream), is euro-denominated and listed in Luxembourg rather than on Nasdaq — it sits between STRC and STRK in the stack and is covered under the table. They differ on yield, seniority, whether the dividend is cumulative, and whether you get any equity-like upside. Here's the whole stack in one place.

The full side-by-side

Feature	STRK (Strike)	STRF (Strife)	STRD (Stride)	STRC (Stretch)
Dividend rate	8% fixed	10% fixed	10% fixed	Variable (9% at launch, 12% as of July 2026)
Cumulative?	Yes	Yes	No	Yes
Payment frequency	Quarterly	Quarterly	Quarterly	Semi-monthly
Seniority	4th of 5	Senior-most	Junior-most	2nd of 5
Convertible to MSTR?	Yes — 0.10 sh ($1,000)	No	No	No
Stated amount	$100	$100	$100	$100
BTC torque	Muted, optionality	~None	~None	~None
Behaves like	Convertible bond	Senior credit	Junior high-yield	Variable-rate perpetual
Launched	Jan 2025	Mar 2025	Jun 2025	Jul 2025

Seniority senior → junior across all five series: STRF, then STRC, then STRE, then STRK, then STRD, with all of them junior to Strategy's debt. Per Strategy's offering documents, STRC ranks senior to STRK and STRD but junior to STRF; STRE ranks senior to STRK and STRD but junior to STRF and STRC. Confirm current terms in Strategy's SEC filings before investing.

How to think about the five

Picture Strategy's capital structure as layers stacked on top of its Bitcoin. Senior layers get paid first and take the least risk; junior layers get paid last and are compensated with higher yield or optionality.

STRF (Strife) — the senior anchor. 10% fixed, cumulative, paid first. Unpaid dividends compound up to an 18% penalty rate. The most conservative way into the stack: yield and seniority, no upside.
STRC (Stretch) — the variable-rate one. Variable dividend, reset monthly in 0.25% steps to keep the price hugging $100, and paid semi-monthly since 15 July 2026 (it was monthly before). Low price volatility by design — but it is still a perpetual preferred with no maturity date and Strategy credit risk behind it, not a cash equivalent.
STRE (Stream) — the euro tranche. 10% on a €100 stated value, paid quarterly, compounding up to 18% if unpaid. Euro-denominated and listed on the Euro MTF market in Luxembourg rather than Nasdaq, so most US brokerage accounts cannot buy it. Ranks below STRC and above STRK.
STRK (Strike) — yield plus a call option. 8% cumulative, and convertible into MSTR at a $1,000 conversion price. Lower coupon than the others, but you get long-dated upside if MSTR rallies hard.
STRD (Stride) — the junior high-yield. 10% but non-cumulative and last in line. Skip a dividend and it's gone for good. Highest stated yield because it carries the most risk.

Which one fits your stack?

Maximum safety / senior yield: STRF
Yield + a shot at MSTR upside: STRK
Yield with low price volatility: STRC
Highest yield, willing to take the risk: STRD
Euro-denominated income: STRE — if your broker reaches the Luxembourg Euro MTF listing
Maximum BTC torque: not a preferred — MSTR common (see BTC torque)
Low-vol BTC exposure: spot BTC ETFs (IBIT, FBTC, ARKB, BITB)

Track them all in one place

The BTC Exposure dashboard supports Strategy preferreds alongside BTC, MSTR, and spot ETFs, computing your blended effective Bitcoin exposure across the whole portfolio.

Related concepts

What is mNAV?
BTC torque — MSTR's Bitcoin leverage
Sats per share — Saylor's accretion KPI
How much Bitcoin do you actually own? — the long read

Seniority, series count and STRC payment frequency verified against Strategy's offering documents and press releases on 7 September 2026. Last updated June 9, 2026. Educational information only — not investment advice. Dividend rates and terms change; verify against Strategy's SEC filings before investing.