STRD — Strategy's Junior Preferred Stock
STRD
Quarterly IncomeAnnual Dividend Rate
10.00%
Announced rate (issuer disclosed)
Effective Yield at Current Price
10.00%
Based on $10.00 annual dividend at $100 par
Distribution Frequency
Quarterly
~$2.50 per share/quarter
USD Reserve
$4.83B
USD Cash component $447.3M, used to fund STRC buybacks and preferred dividends · disclosed Oct 19, 2026
About STRD
STRD is Strategy's 10.00% Series A Perpetual Stride Preferred Stock, listed on the Nasdaq. It pays a stated 10.00% annual dividend on a $100 stated value ($10.00 a share a year, $2.50 a quarter), in cash. Unlike STRF, STRK and STRC, STRD's dividend is non-cumulative: a payment that isn't declared doesn't build up as an amount owed.
STRD is the most junior of Strategy's preferred series, ranking just above the common stock. That position, together with the non-cumulative dividend, is why it trades well below its $100 stated value, and why its effective yield — the dividend against the price you actually pay — is well above the 10% headline rate.
Strategy (formerly MicroStrategy) is a Nasdaq-listed Bitcoin treasury company and the world's largest corporate holder of Bitcoin, with over 848,517 BTC.
Visit Strategy.comHow STRD is structured
Who ranks ahead of it, who ranks behind it, and where the dividend money comes from.
~$6.7B outstanding · Fixed maturity · Paid first in all scenarios
10% fixed rate · Quarterly payments · Most senior preferred
12.00% variable rate · Semi-monthly payments · Second most senior preferred
10% fixed rate · Quarterly EUR payments · EEA professional investors only
8% fixed rate · Convertible into MSTR common stock
10% fixed rate · Most junior preferred · Trades below par
Absorbs losses first · No dividend priority · Uncapped upside
Block width shows market value on a square-root scale (not linear) so the smaller layers stay visible; labels show the actual figure. Strategy Inc capital structure · Source: SEC filings · Market value = shares × price, refreshed hourly; share counts from filings (Strategy 2026-10-18)
What ranks above it
Strategy's debt, then STRF, STRC, STRE and STRK, all rank above STRD.
What ranks below it
Only the MSTR common stock ranks below STRD. STRD's dividend is non-cumulative.
How the dividend is financed
Bitcoin earns no yield, so the dividend isn't paid by the coins. It is paid from two dollar pots, which is the most complex part of the structure:
USD Reserve ($4.83B). Ring-fenced for preferred dividends and debt interest only; any other use needs a board vote. Strategy's own figures imply an annual bill of about $1.76bn across all its preferreds and interest, so the Reserve covers roughly 34 months against a board floor of 12 (my arithmetic on the 27 September figures). It was built mainly by selling MSTR common stock.
USD Cash ($1.00bn). The flexible pot, created 24 August 2026. It can buy Bitcoin, buy back stock, pay dividends and interest, repay convertibles or top up the Reserve. Since early September it has funded the STRC buybacks.
Backstops. Strategy can also sell Bitcoin under its monetisation programme (up to $1.25bn authorised) and raise new money in the capital markets. STRC itself can't be used to buy Bitcoin at the moment, because it trades below par. Strategy has spent $1.28bn buying STRC back, and has proposed paying STRC's dividend every calendar day, subject to a shareholder vote.
Read more: Strategy's capital structure
Tools
Live Price Chart
Track the STRD market price against its $100 stated value. As the price moves, the effective yield changes — use the chart to spot when STRD trades at a premium or discount and what that means for your entry yield.
Growth Projector
Enter an investment amount and time horizon to model projected income and portfolio growth from holding STRD. Adjust the reinvestment rate to see the compounding effect of quarterly dividends, and compare returns against US Treasuries and bank savings.
vs Treasuries
Compare the income from STRD's dividend against US Treasuries and bank savings over any time period. Enter your investment amount and the tool shows the difference in dollar terms.
Dividend History
A record of every STRD dividend payment — per-share amount and payment date. Enter your holding size to calculate what you received or will receive from each quarterly distribution.
A yield like this always comes with risk — board discretion over dividends, rate changes, and crypto-collateral volatility among them. Read the full risk guide →
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