Strategy Inc. 10.00% Series A Perpetual Strife Preferred Stock (STRF)
NASDAQ (NGS) NASDAQ (NGS) Primary Summary
STRF Chart
STRF: Senior Preferred, Double Digit Tax Deferred Yield, High Asset Coverage
Strategy's 10.00% Series A Perpetual Strife Preferred Stock (STRF) offers an 11.2% yield, trading at a 10% discount to its $100 liquidation preference. STRF is the senior-most preferred, with cumulative dividends, penalty compounding, governance rights, and high asset coverage—backed by $53.3B in Bitcoin and cash versus $6.7B debt. Recent debt reduction and replenished USD Reserve ($1.4B) reinforce STRF's position, though cash allocation and Bitcoin volatility remain key risks.
STRF: Double Digit Yield, Tax Advantaged Fixed Income
Strategy's Series A Perpetual Strife Preferred Stock (STRF) offers a 10.2% yield, backed by significant Bitcoin holdings and seniority in the capital stack. STRF is overcollateralized by 5.8x in BTC, with risk of impairment only in the event of an extreme, sustained Bitcoin collapse and tight capital markets. Tax-advantaged return of capital treatment enhances after-tax yield, making STRF especially attractive for U.S. income investors seeking deferral benefits.
Preferreds Weekly Review: New Preferred From Strategy
We take a look at the action in preferreds and baby bonds through the third week of June and highlight some of the key themes we are watching. Preferreds delivered solid performance in April, with credit spreads tightening but yields rising due to higher Treasury rates. Strategy (formerly MicroStrategy) issued a 10% non-cumulative preferred; main risks are BTC price volatility and asset coverage mechanics, not cash flow.
