Strategy (MSTR) has launched its third perpetual preferred instrument, the Series A Stride Preferred Stock (STRD), as it continues building out a structured yield curve for its capital stack.
With a 10.00% non-cumulative fixed dividend and perpetual duration, STRD aims to provide long-term, high-yield exposure positioned between the firm’s senior preferred (STRF) and convertible preferred (STRK) offerings.
Unlike STRF, which offers a senior claim and is designed to be overcollateralized with lower volatility—comparable to investment-grade securities STRD is junior in seniority but delivers the highest yield of Strategy’s preferred offerings.
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STRK, by contrast, sits between the two in both risk and return, offering an 8% fixed dividend and convertibility. At the base of the capital stack lies MSTR, the firm’s common stock and primary vehicle for leveraged bitcoin exposure.
According to Strategy, STRD is non-callable under normal conditions, but may be repurchased upon a “fundamental change” or select tax events. Its quarterly dividends are discretionary and paid in cash only when declared by the board.
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In the broader market, STRD compares favorably against other preferred equity and high-yield bond funds. With a 10% yield and zero management fees, STRD offers a compelling alternative to ETFs like PFF (7% yield, 0.46% fee) and USHY (8% yield, 0.08% fee), while maintaining comparable volatility levels.
The STRD offering supports Strategy’s broader initiative to offer diversified, structured exposures that span from stable yield to high-conviction digital asset plays anchoring a new approach to capital structuring in the digital era.
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Here’s what happened in crypto today
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!
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Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
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💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!
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Classover Taps $500M Convertible Note Deal to Boost Solana Treasury Strategy
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Here’s what happened in crypto today
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!