STRC — Strategy's Perpetual Preferred Stock

STRC is Strategy's perpetual preferred stock, listed on the Nasdaq. It pays an 11.50% annual dividend distributed semi-monthly in cash (~$0.479 per share twice a month), with the rate adjusted monthly to encourage trading close to its $100 par value, which has historically kept its day-to-day price movement small. Semi-monthly payments approved by shareholders on 8 June 2026; first semi-monthly payment on 15 July 2026. STRC is available on most major brokerage platforms.

As preferred stock, STRC sits below debt but above common equity in Strategy's capital structure. In the event of liquidation, preferred stockholders are paid before common shareholders, giving STRC a degree of protection that pure equity does not offer. Strategy's holdings of over 880,000 Bitcoin provide a substantial asset base underpinning the instrument.

Strategy (formerly MicroStrategy) is a Nasdaq-listed business intelligence and Bitcoin treasury company, founded in 1989. Under executive chairman Michael Saylor — one of the world's most prominent Bitcoin advocates — Strategy has made Bitcoin accumulation central to its corporate model, positioning itself as the world's largest corporate holder of Bitcoin.

The one number I watch on STRC is how close it's trading to $100 — buy near or below par and the effective yield works in your favour; pay a premium and your real yield comes in under the headline rate.