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Strategy Launches STRD, Its Third 'Bitcoin-Backed' Preferred Stock on Nasdaq
New 10% yield offering aims to raise nearly $1 billion to support Strategy’s continued bitcoin accumulation. New 10% yield offering aims to raise nearly $1 billion to support Strategy’s continued bitcoin accumulation.
Updated Jun 12, 2025, 10:55 a.m. Published Jun 12, 2025, 10:51 a.m.
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What to know:
- 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%.
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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
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‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
What to know:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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