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STRC — Strategy Preferred Equity

STRC is Strategy's preferred equity instrument, offering exposure to Bitcoin treasury returns through a structured product with defined dividend characteristics. Track our analysis, risk models, and coverage.

65 episodes · 20 research pieces

STRC is a preferred equity instrument issued by Strategy.

True North has covered STRC extensively since its launch, with dedicated episodes analyzing its design, risk profile, yield characteristics, and implications for the broader digital credit market.

For daily estimates of Strategy’s STRC ATM issuance, see our live STRC ATM tracker, which reconciles minute-bar volume against the weekly SEC 8-K filings.

Latest on STRC — Strategy Preferred Equity

Episode

I Borrowed Against My House To Buy STRC

Trey Sellers borrowed against his home at 5% to buy STRC yielding 10%, and he explains why he never worried when it crashed. The head of Strike Private and creator of FIRE BTC joins host Joe Burnett to discuss how Bitcoin changes the math of retiring early, why he thinks an 8% withdrawal rate is conservative on a Bitcoin standard, and why you should keep a mortgage instead of paying it off. They also cover growth vs. income investing, whether digital credit is suppressing Bitcoin's price, and why $83,000 Bitcoin is bullish.

Oct 8, 2026 • 57:12 Watch →
Analysis

STRC: An Assessment of Buybacks, Market Structure & Channel Sensitivity

Adrian Morris tests whether Strategy's STRC buybacks drove the instrument's recovery toward par. A 60-session variance attribution assigns most of STRC's explained daily-return variance to the other digital credit preferreds, MSTR ex-BTC and Bitcoin, a buyback proxy adds little explanatory fit, and the report weighs leverage as a plausible explanation for June's selloff.

Sep 24, 2026 Read →
Episode

The Berkshires of Bitcoin

The crew kicks off Season 3 with a balance sheet check-in on Strategy and Strive: Strategy's 950 BTC purchase, STRC buybacks, cash versus convertible debt, and Strive's growing Bitcoin position, dividend coverage, and potential warrant capital. The crew then breaks down why digital credit changes the probability of outcomes versus traditional credit, draws parallels between Strategy and Berkshire Hathaway's insurance float model, and closes with a look at options activity across ASST, MSTR, IBIT, and STRC.

Sep 23, 2026 • 1:22:03 Watch →

All episodes (65)

True North Weekly (33)

2026

2025

The Hurdle Rate (26)

The Income Show (6)

Research (20)

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True North is for informational and educational purposes only. Nothing presented should be considered investment advice or an offer of any security or investment product. Consult your own investment and tax advisors. Full disclaimer.