BTC Strategy Preferred Yields: 12.18%
Strategy, the listed company with the most bitcoin, raises money by selling preferred shares: STRC, STRF, STRD and STRK. Each promises a yearly dividend worth a set % of $100. Each line shows that dividend as a % of the share's price at each day's close: what someone paying that price collects per year. Price below $100 → yield above the promise.
**Preferred stock** is a share that pays a set dividend, is paid before ordinary shareholders, and never has to be paid back. Strategy (formerly MicroStrategy), the listed company holding about 846,000 bitcoin (its filing of 21 September 2026), has sold four kinds on Nasdaq since early 2025 to raise money for bitcoin. Each has a **$100 stated amount** and promises a yearly dividend as a % of that $100: **STRK 8%**, **STRF 10%**, **STRD 10%**, and **STRC** a rate Strategy sets itself for each dividend period. The shares then trade like any stock, so their price moves every day.
Each line is the dividend a share pays per year divided by that day's **closing price**: the % a year someone paying that price would collect, **if every dividend keeps being paid**.
**Higher = more pay per dollar at that day's price.** The dividend in dollars does not change when a line moves; the price does. STRK always pays $8 a year per share: at $100 that is 8%, at $75 the same $8 is 10.7% of what was paid. So a climbing line means that share's price fell — people wanted more pay for the risk they saw. A line below its stated rate (STRF has spent most of its life there) means the share cost more than $100.
**Read the jumps together.** In late June 2026 every line spiked at once; on 25 June STRD closed at $50, so its $10 a year was 20% of the price. The shares had not changed — fear had.
*For example:* on 25 September 2026 STRK closed at $74.89. Its 8% of $100 is $8 a year, which is **10.68% a year** of $74.89.
**Yield, % a year = dividend rate × $100 ÷ that day's closing price.**
STRK 8%, STRF 10% and STRD 10% are fixed in each share's legal terms. STRC's rate is the one Strategy announced for the dividend period that contains the day, copied from its SEC 8-K filings. After the last period a filing covers, the newest rate is kept until that period's dividend is actually paid (twice a month: $X per share = X × 24 % a year), and those days are marked as not yet confirmed.
Closing prices: one per US trading day. We compared them with Nasdaq's own price history on 26 September 2026: all 1,412 shared days matched to the cent. On weekends and US market holidays nothing trades, so the last close is carried forward and the day is marked as closed; that keeps every range button to the calendar days it names (1Y = 365 days). Each share's line starts on its own first trading day.
**Not the return anyone made.** It leaves out later price changes, taxes and fees, and it assumes every future dividend is paid. None is guaranteed: Strategy's board declares each one.
**Four different promises.** STRF, STRK and STRC are *cumulative*: a skipped dividend is still owed later. **STRD is not** — a skipped STRD dividend is gone for good, one reason its yield sits highest. STRK may be paid in Strategy shares instead of cash and can be swapped for 0.1 of a Strategy share (MSTR). Strategy can lower STRC's rate, within limits set in its terms.
**Missing:** STRE, a fifth series sold in euros on the Luxembourg exchange (10% a year, since November 2025) — our free price feed does not carry it.
**Coming change:** Strategy has asked its shareholders to vote (expected 28 October 2026) on paying these dividends every day instead of monthly, twice a month or quarterly. It would not change the rates.
This describes the shares. It is not investment advice.
Prices and dividends: Yahoo Finance's public chart feed, query1.finance.yahoo.com/v8/finance/chart/STRC (and STRF, STRD, STRK), checked hourly, one point per US trading day. Share terms: Strategy's quarterly report for Q2 2026 (SEC Form 10-Q, filed 3 August 2026), Note 10. STRC rates: Strategy's SEC 8-K filings from 2 September 2025 to 1 September 2026. All filings: sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001050446
Yahoo Finance public chart feed (Nasdaq closing prices and dividends) · dividend rates from Strategy's SEC filings