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By James Van Straten|Edited by Parikshit Mishra
Updated Jun 12, 2025, 10:55 a.m. Published Jun 12, 2025, 10:51 a.m.
- Board member Jarrod Patten bought 5,000 STRD shares, adding to his existing holdings of 28,000 MSTR Class A shares and 10,000 STRF shares.
- STRD offers a fixed 10% annual dividend with no management fees, providing the highest yield among Strategy’s preferred stock lineup while carrying higher risk due to its non-cumulative payout structure.
Strategy (MSTR) has officially launched trading of its third “bitcoin-backed preferred stock”, STRD, on the Nasdaq, with shares making their debut on Wednesday.
The new security, formally named the 10% Series A Perpetual Stride Preferred Stock (STRD), closed the day slightly higher, gaining 0.24%.
STORY CONTINUES BELOW
STRD offers a fixed 10% annual dividend, making it the highest-yielding instrument among Strategy’s capital offerings, which also include STRF and STRK. Unlike those, STRD is non-convertible and non-cumulative, meaning dividends are paid only when declared by the board and do not accrue if missed.
Despite this added risk, the product is positioned to attract long-term investors seeking strong yield with no management fees.
Strategy aims to raise nearly $1 billion through the offering by selling 11.76 million shares at $85 each. Net proceeds are expected to total around $979.7 million after fees and expenses. According to the company, the funds will be used for general corporate purposes, and further accumulation of bitcoin.
Investor interest appears strong, including from inside the company. Board member Jarrod Patten disclosed the purchase of 5,000 STRD shares. Patten already holds 28,000 shares of MSTR Class A common stock and 10,000 shares of STRF, another preferred security issued by the company.
Read more: Strategy Shifts Capital Raise to Preferred Stocks as Common Share Issuance Loses Allure
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
