STRF — Strategy's Senior Fixed-Rate Preferred Stock
STRF
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 STRF
STRF is Strategy's 10.00% Series A Perpetual Strife Preferred Stock, listed on the Nasdaq. It pays a fixed 10.00% annual dividend on a $100 stated value ($10.00 a share a year, $2.50 a quarter), in cash, cumulative if ever missed.
STRF is the most senior of Strategy's preferred series: only Strategy's debt ranks ahead of it, and it ranks ahead of STRC, STRE, STRK and STRD. Because the rate is fixed and the instrument trades close to its stated value, STRF behaves most like conventional preferred income of the Strategy range.
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 STRF 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
Only Strategy's debt — about $6.7bn of convertible senior notes — ranks above STRF. STRF is the most senior of Strategy's preferred series.
What ranks below it
STRC, STRE, STRK and STRD all rank below STRF, and then the MSTR common stock.
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 STRF market price against its $100 stated value. As the price moves, the effective yield changes — use the chart to spot when STRF 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 STRF. 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 STRF'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 STRF 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 →
Important Disclaimer
Digital Credit Yield is not a financial advisor. All content is provided for educational and research purposes only. Nothing on this site constitutes financial advice, investment advice, or a solicitation to buy or sell any financial instrument. Always consult a qualified financial adviser before making investment decisions.