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Strategy Perpetual Preferreds Yield Up To 12% On Bitcoin-Bank Funding Model Strategy Inc., formerly MicroStrategy, is marketing four perpetual preferred share classes that pitch fixed-income investors on Bitcoin-linked yield without direct crypto exposure.
The instruments are trading under the tickers STRF, STRC, STRK and STRD. Per the company's filings, the stack ranges from an 8% fixed-coupon convertible to a high-yield issue paying roughly 11% to 12%.
All four classes rank senior to MSTR common stock in a liquidation but are not collateralized by the company's Bitcoin reserves.
STRF, the Strife series, carries a 10% fixed quarterly coupon and the top liquidation priority among the four. The terms include penalty rates of up to 18% if a dividend payment is missed.
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