BTC Exposure
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% perpetual | 9% perpetual |
| Convertible to MSTR? | Yes, at $1,000/share | No |
| BTC torque | Capped, with floor | Effectively zero |
| Behaves like | Convertible preferred | Long-duration fixed income |
| 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 perpetual yield
STRC ("Stretch") is a 9% perpetual preferred with no conversion right. It pays a fixed coupon forever (or until Strategy calls it). It behaves like long-duration fixed income — sensitive to interest rates, less sensitive to MSTR or BTC.
STRC suits investors who want yield from Strategy's BTC-backed capital structure 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.