STRC
Strategy Inc Variable Rate Series A Perpetual Stretch Preferred Stock
STRC
Strategy Inc Variable Rate Series A Perpetual Stretch Preferred Stock
What is STRC?
STRC ("Stretch") is Strategy's variable-rate perpetual preferred stock, backed by the company's bitcoin reserves and designed to trade near its $100 par value. Price stability is maintained by Strategy adjusting the monthly dividend rate and through new shares issued and sold via an at-the-market (ATM) program.
When shares are trading at or above the $100 threshold, Strategy can issue and sell new shares in real time, raising capital to purchase bitcoin and growing Strategy's reserves. STRC acts as a high-yield alternative to traditional credit instruments, over-collateralized by digital capital (bitcoin) and offering investors relative price stability with beneficial tax treatment where applicable.
Track live yield, price, and volume across all Digital Credit instruments on the Digital Credit Dashboard.
How does the STRC tracker work?
The tracker provides a real-time estimate of how much bitcoin Strategy is acquiring through STRC ATM issuance during each trading session. It monitors every one-second STRC bar across the full trading day, including pre-market and after-hours, counting only the volume traded while the price is at or above the $100 par value.
A calibrated capture ratio is applied to estimate shares actually issued through the ATM program. This ratio is regularly adjusted by comparing estimates against confirmed SEC Form 8-K filings, creating a feedback loop that tightens accuracy over time. Net proceeds are calculated after deducting underwriter commissions, then divided by the per-minute BTC price to estimate bitcoin purchased.
The Price and Volume chart shows minute-by-minute activity with green indicating ATM-eligible volume. The Est. Bitcoin Acquired chart shows per-minute acquisition bars and a daily cumulative line. Use the date toggle to compare previous sessions.
Dividend Overview
No dividend data available
No issuance event data available
No issuance event data available
Frequently Asked Questions
Digital Credit is an emerging asset class of income-generating securities backed by bitcoin. It exists to give investors structured exposure to bitcoin's growth potential without direct price risk, while giving issuers a capital-raising mechanism that funds bitcoin accumulation.
What makes Digital Credit distinct from traditional credit is the nature of the collateral. Bitcoin is the world's first natively digital capital asset: finite in supply, held without counterparty risk, portable across borders, and appreciating at a historic compound annual growth rate that far exceeds the yield obligations issuers take on. That asymmetry is what makes the Digital Credit model work. Issuers raise fiat capital, convert it to bitcoin, and service distribution obligations at rates well below what the value of their reserves are growing over the long term.
Track all live Digital Credit instruments on the Digital Credit Dashboard.
A perpetual preferred stock is a hybrid security that sits between common equity and debt in a company's capital structure. It pays regular income distributions to holders and carries preferential treatment over common stockholders in two important ways: distributions must be paid to preferred holders before any dividends can be paid to common stockholders, and in the event of liquidation, preferred stockholders have a senior claim on company assets ahead of common equity holders.
Unlike a bond, a perpetual preferred stock has no maturity date and no obligation to repay principal, making it a permanent layer of the capital structure. STRC is a variable-rate perpetual preferred stock, meaning its dividend rate adjusts monthly to keep the trading price anchored near its $100 par value rather than fluctuating with market sentiment.
Strategy has issued several Digital Credit securities, each designed to meet different investor needs across yield, volatility, and seniority: STRD, STRK, STRF, and STRC. These instruments differ in meaningful structural ways, such as offering different yield rates, different volatility through metering exposure to common stock performance, different capital structure seniority, and different policies relating to cumulative or non-cumulative distributions.
Cumulative means that any missed dividend payments accrue and must be paid in full before distributions can resume or common stockholders receive anything. Non-cumulative means missed payments are forgiven and do not carry forward, which carries more risk for income-focused investors but allows issuers greater flexibility.
Beyond Strategy, the Digital Credit space is growing, with Strive's SATA among the earliest examples from other issuers. Track the full list on the Digital Credit Dashboard.
STRC is finding genuine product market fit at scale. It is one of the most direct and observable mechanisms through which Strategy grows its bitcoin reserves, and at meaningful trading volumes it has the potential to eclipse the daily issuance rate of newly mined bitcoin, making it a net demand force on the bitcoin market that no single miner can match.
For investors, STRC represents something new in the landscape of income-generating assets. It sits alongside private debt, corporate bonds, and sovereign bonds as an option for capital seeking yield, but with a fundamentally different backing asset. Unlike fiat credit, it is collateralized by bitcoin, with all the unique properties that digital capital carries: fixed supply, no counterparty risk, and a long-run appreciation trajectory.
That combination of monthly yield, price stability near par, and bitcoin-backed collateral does not exist elsewhere in traditional markets, and the growing volume of capital flowing into STRC suggests investors are beginning to recognize it.