BTC Exposure
Strategy preferreds
STRD (Stride)
STRD — formally the 10.00% Series A Perpetual Stride Preferred Stock — is the junior-most security in Strategy's (MSTR) preferred-stock stack. It offers a 10% dividend like STRF, but with two crucial differences: the dividend is non-cumulative, and it sits at the bottom of the preferred priority ladder. Highest stated yield, highest risk.
Key terms at a glance
| Dividend | 10.00% non-cumulative ($2.50/quarter, $10/year) |
| Payment schedule | Quarterly (Mar 31, Jun 30, Sep 30, Dec 31); first paid Sep 30, 2025 |
| Stated amount | $100 per share |
| Liquidation preference | $100 per share (initial) |
| Seniority | Junior-most preferred — paid after STRF, STRK, and STRC |
| Convertible to MSTR? | No |
| Maturity | Perpetual (no maturity date) |
| IPO | June 5, 2025 at $85.00/share (Nasdaq) |
"Non-cumulative" is the catch
This is the single most important thing to understand about STRD. Dividends are non-cumulative and payable only "when, as, and if declared" by Strategy's board — they are explicitly not mandatory. If Strategy skips a STRD dividend, it is simply gone; it does not accrue or compound the way an unpaid STRF dividend would. Holders have no contractual right to recover a missed payment.
Combined with its junior position in the stack, that makes STRD the most equity-like of Strategy's preferreds: you are compensated with the highest stated yield precisely because you carry the most risk that the income stops.
How STRD behaves
STRD has no conversion right, so its BTC torque is nominally zero — it doesn't mechanically rise with MSTR or Bitcoin. But because it is junior and non-cumulative, its market price is more sensitive to Strategy's financial health than the senior layers. In stress, STRD reprices first; in good times, it offers the fattest coupon. It trades on perceived credit quality, not on Bitcoin's spot move.
STRD vs the other Strategy preferreds
- STRD (Stride): 10% non-cumulative, junior-most, no conversion — this page
- STRF (Strife): 10% cumulative, senior-most
- STRK (Strike): 8% cumulative, convertible into MSTR at $1,000
- STRC (Stretch): variable rate, monthly, engineered to trade near $100
- All four compared side by side →
Track it in your portfolio
The BTC Exposure dashboard lets you hold Strategy preferreds alongside BTC, MSTR, and spot ETFs, and computes your blended effective Bitcoin exposure across all of them.
Related concepts
Last updated June 9, 2026. Educational information only — not investment advice. Verify all terms against Strategy's SEC filings before investing.