Strategy preferreds
STRK vs STRC
Strategy (MSTR) issues two perpetual preferred stocks that BTC-thesis investors use to capture yield, optionality, or both: STRK and STRC. They have different structures, different yields, and very different exposure profiles to Bitcoin.
Side-by-side
| Feature | STRK (Strike) | STRC (Stretch) |
|---|---|---|
| Dividend | 8% fixed, cumulative | Variable, monthly (9% at launch, 12% as of July 2026) |
| Convertible to MSTR? | Yes, at $1,000/share | No |
| BTC torque | Capped, with floor | Effectively zero |
| Behaves like | Convertible preferred | Floating-rate cash equivalent |
| Trades on | Nasdaq | Nasdaq |
STRK — the convertible
STRK ("Strike") is an 8% perpetual preferred with a conversion right into MSTR common at $1,000 per share. That conversion is currently deep out-of-the-money — MSTR trades around $175 — but it's perpetual, so the option never expires. If MSTR appreciates above $1,000, STRK holders capture upside through the conversion.
This makes STRK behave like a convertible bond: steady yield with a long-dated call option on MSTR. The BTC torque is muted but non-zero — STRK rises when MSTR breaks meaningfully higher.
STRC — the variable-rate yield
STRC ("Stretch") is a variable-rate perpetual preferred with no conversion right. Its dividend resets monthly — in 0.25% increments — to keep the share price hugging its $100 stated amount: if STRC trades below $100, the rate rises to attract buyers. It launched at a 9% annual rate in 2025 and was raised to 12% in July 2026. Because the rate floats to stabilize price, STRC behaves like a high-yield floating-rate cash equivalent, not long-duration fixed income.
STRC suits investors who want yield from Strategy's BTC-backed capital structure with minimal price volatility and without taking BTC torque. The trade-off: no equity-like upside if MSTR or Bitcoin rallies.
Which one fits your stack?
- You want yield + BTC upside optionality: STRK
- You want pure yield from BTC-backed credit: STRC
- You want maximum BTC torque: MSTR common (see BTC torque)
- You want low-vol BTC exposure: spot BTC ETFs (IBIT, FBTC, ARKB, BITB)
Track them in your portfolio
The BTC Exposure dashboard supports both STRK and STRC alongside BTC, MSTR, and spot ETFs. It computes your blended effective BTC exposure and shows live prices for each instrument.
Related concepts
- What is mNAV?
- BTC torque — MSTR's Bitcoin leverage
- Sats per share — Saylor's accretion KPI
- STRF (Strife) — Strategy's senior 10% preferred
- STRD (Stride) — Strategy's junior 10% preferred
- All four Strategy preferreds compared
- How much Bitcoin do you actually own? — the long read
Last updated June 9, 2026. Educational information only — not investment advice. Verify all terms against Strategy's SEC filings before investing.