BTC Exposure
Strategy preferreds
STRF (Strife)
STRF — formally the 10.00% Series A Perpetual Strife Preferred Stock — is the senior-most security in Strategy's (MSTR) preferred-stock stack. It pays a fixed 10% cumulative dividend, has no conversion right, and sits ahead of every other Strategy preferred in the capital structure. Think of it as the senior credit tranche on Strategy's Bitcoin balance sheet.
Key terms at a glance
| Dividend | 10.00% fixed, cumulative |
| Payment schedule | Quarterly (Mar 31, Jun 30, Sep 30, Dec 31); first paid Jun 30, 2025 |
| Stated amount | $100 per share |
| Liquidation preference | $100 per share (initial) |
| Seniority | Senior-most preferred — paid before STRK, STRC, and STRD |
| Convertible to MSTR? | No |
| Maturity | Perpetual (no maturity date) |
| Listed | Nasdaq (issued March 2025) |
The compounding penalty rate
STRF has a feature most preferreds don't: if Strategy ever fails to pay a regular dividend on time, the unpaid amount itself starts accruing "compounded dividends." That penalty rate begins at 10% plus 100 basis points and climbs another 100 basis points each subsequent period the arrears go unpaid — up to a maximum of 18% per annum. It's a contractual incentive for Strategy to keep STRF current, and it reinforces STRF's position as the senior, must-pay layer.
How STRF behaves
Because the coupon is fixed and there's no conversion right, STRF behaves like a senior fixed-income instrument backed by Strategy's Bitcoin-heavy balance sheet. Its BTC torque is effectively zero — it does not rise when MSTR or Bitcoin rallies. What you're buying is yield and seniority, not upside.
That makes STRF the most conservative way to take exposure to Strategy's capital structure: highest claim priority, fixed cumulative coupon, no equity-like participation.
STRF vs the other Strategy preferreds
- STRF (Strife): 10% fixed cumulative, senior-most, no conversion — this page
- STRK (Strike): 8% cumulative, convertible into MSTR at $1,000
- STRC (Stretch): variable rate, monthly, engineered to trade near $100
- STRD (Stride): 10% non-cumulative, junior-most
- 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.