STRF, STRK, STRD, STRE Compared: Strategy's Fixed-Rate Preferred Stocks

Short answer: STRF, STRK, STRD and STRE are Strategy's four preferred stocks with a fixed dividend rate. STRF ranks first and is best covered, but pays the least. STRD pays the most, ranks last and doesn't make up missed dividends. STRK is convertible into MSTR, STRE pays in euros.

Four tickers, all with a stated amount of 100, three of them paying a 10% dividend, and still they cost between $67 and $102. If you compare STRF, STRK, STRD and STRE, you quickly notice: the rate alone says almost nothing. What matters is who gets paid first in a worst case, whether missed dividends are made up and in which currency you receive them. Here you'll see the differences side by side, with figures from Nov 12, 2026.

STRF, STRK, STRD, STRE: the key data compared

Strategy (MSTR) holds 849’327 bitcoin and finances part of it with preferred stock. There are five: STRC with a variable rate, described in the article STRC (Stretch) explained, and the four with a fixed rate in this comparison. How bitcoin preferred stocks work in principle is in the overview Digital Credit explained.

As of Nov 12, 2026 (closing prices per Yahoo Finance, holdings and rank per Strategy and SEC filings). Live values on the Digital Credit page.

The nicknames help you remember: Strife takes precedence over all other preferred stocks, Strike has a "strike price" for conversion, Stride is the step into higher risk, Stream the income stream in euros.

What the ranking means

If Strategy gets into trouble, claims are paid in order. First the debt, then the preferred stocks by rank, and finally the MSTR shareholders. Each tier only gets what is left after the tiers before it.

As of Nov 12, 2026, BTC price €64’026 (CHF 59’109). The capital structure by issuer shows each tier as a bar.

BTC coverage says how many times Strategy's bitcoin could pay everything up to and including this tier. The BTC price at 1× is the price below which that no longer works. For STRF, bitcoin would have to fall 87%; for STRD, 67%.

You can put this in context with the Power Law model. Its floor was at €60’571 (CHF 55’919) on Nov 12, 2026. If bitcoin stood exactly there, even for STRD there would still be around 2.9 times as much bitcoin as claims up to STRD. The floor is a model value, not a guaranteed lower limit; how it is derived is in the methodology.

STRF (Strife): rank 1, best covered

STRF is Strategy's senior preferred stock. Only the debt ranks ahead of it. That's why its price is the highest: $101.81, above the stated amount. Your effective yield is therefore below the rate, at 9.8%.

Missed dividends on STRF are made up. According to the prospectus, the rate also rises by one percentage point for each missed quarter, up to a maximum of 18%. That makes a missed payment expensive for Strategy and is one reason for the high price.

In June 2026, when bitcoin and MSTR fell sharply, STRF dropped to $84.37 on Jun 26, 2026, around 16% below the stated amount. That was the smallest decline among the Strategy securities on the Nasdaq.

STRK (Strike): 8% plus a conversion right

STRK pays the lowest rate, 8%. In return, you can exchange each STRK share for 0.1 MSTR shares at any time. That is a bet on a sharply rising MSTR price: at $114.41 per MSTR, 0.1 shares are worth $11.44, but one STRK costs $67.15. Conversion only pays off once MSTR rises above $671, almost six times its current price.

Today STRK therefore trades like an ordinary preferred stock with an 8% rate. At $67.15 that gives an effective yield of 11.9%. One special feature: Strategy may pay the dividend in MSTR shares instead of cash, valued at 95% of the average price. Then you receive shares you have to sell yourself. A Japanese counterpart with a fixed rate and a conversion right is Metaplanet's MERCURY, but it is not traded on an exchange.

STRD (Stride): highest yield, not cumulative

STRD has the same rate as STRF, 10% on $100, but costs only $67.50. That gives an effective yield of 14.8%, the highest at Strategy. The market demands this premium for two reasons.

1. STRD ranks last. Only when all debt and all other preferred stocks have been paid does STRD get its turn.
2. STRD is not cumulative. If Strategy suspends a dividend, it is lost. With the other three, it is made up before MSTR shareholders get anything.

While STRD dividends are missed, Strategy may not pay anything to common shareholders. But you never get your money for the missed quarters. In June 2026, STRD fell to $50.00 on Jun 25, 2026, half its stated amount.

STRE (Stream): the euro version

STRE is Strategy's only preferred stock in euros. Stated amount €100, rate 10%, so €10 a year per share. It was issued on Nov 13, 2025 at €80 and is listed on the Luxembourg Stock Exchange, not on the Nasdaq. Missed dividends are made up, and STRE ranks directly behind STRC.

For you in Germany or Austria, that is the biggest advantage: dividend and price don't move with the dollar. In Switzerland a currency risk remains, just euro against franc instead of dollar against franc.

The catch is trading. STRE rarely trades in Luxembourg; on Nov 12, 2026 there was not a single trade, and the last price was €79.00. That would give an effective yield of 12.7%. It's best to check beforehand whether your broker offers STRE and at what price you can actually buy or sell.

Worked example: €10’000 or CHF 10’000

Calculate with your own amount and a mix of several securities in the cash flow calculator:

When do STRF, STRK, STRD and STRE pay?

All four have paid quarterly so far. The next record date is Dec 15, 2026, with payment on Dec 31, 2026.

From 2027 this changes for three of them: according to an SEC filing of Oct 28, 2026, STRF, STRK and STRD will have a record date on every calendar day from Jan 1, 2027, as STRC has since November 2026. The first daily payment is planned for Jan 4, 2027. STRE was not affected by this change and continues to pay quarterly. All dates are in the dividend calendar.

Which one suits which goal?

There is no best of the four, only different trade-offs. This is how to place them:

• Safety before yield: STRF. Rank 1, missed dividends made up with a penalty rate, the smallest price drop in June 2026. You pay a price above the stated amount for it.
• Euros instead of dollars: STRE. No dollar risk for euro investors, but thin trading.
• Income plus a chance on MSTR: STRK. Conversion is far away today, but can become valuable in a very strong bitcoin market.
• Highest current yield: STRD. Only sensible if you can live with lost dividends and withstand price drops of half.

Holding several doesn't really spread the risk: all four depend on the same company, the same bitcoin holdings and Strategy's access to the capital markets. Strategy's software business doesn't cover the roughly $1.45 billion of preferred dividends a year; Strategy funds most of it by selling new shares. More on Strategy itself is in the article Strategy stock (MSTR) and on the Strategy page, and on the business model of such companies in the article Bitcoin treasury companies.

Rule to remember: With STRF, STRK, STRD and STRE you don't buy a rate, you buy a place in the queue. The further back the place, the higher the yield and the sooner things get tight.

No preferred security replaces bitcoin in your own custody: you hold a claim against a company. Whether a regular income fits your plan is shown in the article Living off bitcoin. Terms such as stated amount, cumulative or liquidation preference are explained in the Digital Credit glossary.