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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.

STRC is a preferred equity instrument issued by Strategy. It represents a new category of Bitcoin-collateralized structured product that sits between common equity and convertible debt in the capital structure.

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.

Latest on STRC — Strategy Preferred Equity

Analysis

Strategy is Trading Bitcoin's Power Law Trend

Dan Hillery argues that Strategy's pendulum between STRC issuance at low Bitcoin prices and accretive common equity issuance at high prices systematically grows BTC per share — with the current 37% amplification ratio reflecting management's bet that Bitcoin is near the lows relative to the power law trend.

May 19, 2026 Read
Episode

The World Has Changed...

The crew unpacks Strategy's daily-dividend SATA launch and how dividend frequency reshapes stablecoin arbitrage and DRIP compounding, credit-risk modeling for perpetual yields, the Coffeezilla x Jeff Walton debate, leveraged carry trades and liquidity centralization in digital credit, IPOs as Bitcoin risk-transfer vehicles, and how the Clarity Act is accelerating Bitcoin capital markets.

May 14, 2026 • 1:31:22 Watch
Analysis

Bitcoin-Backed Yield: A Boring Chart and a Beautiful Coupon

James Lavish, CFA walks through STRC and SATA — the two perpetual preferred shares with Bitcoin reserves behind them — and explains how Digital Credit pays an 11.5% monthly cash coupon while keeping the share price anchored near par.

May 10, 2026 Read
Episode

Credit Quality Accelerating

The crew unpacks Strategy's earnings reaction, the rationale behind selling Bitcoin to fund preferred dividends and retire convertible debt, how deeper Bitcoin liquidity is amplifying credit arbitrage and mNAV mechanics, and the digital credit expansion reshaping debt markets through DeFi tranching and Bitcoin-backed instruments.

May 7, 2026 • 1:36:45 Watch
Episode

The Answer Is Trillions

The crew is back this week reacting to MSTR’s latest earnings call and what it could mean for the future. They then dive into the rise of digital credit and if it's too good to be true. Finally, they close with a discussion around the

May 6, 2026 • 55:16 Watch
Analysis

Strategy Q1 2026 Earnings Call — Full Q&A Notes

Mason Foard's full Q&A notes from Strategy's Q1 2026 earnings call — Saylor on the BTC drive as a third lever, the STRC issuance dial, Bitcoin as Layer 3, the institutional ownership shift, the volatility-and-quantum playbook, the credit rerating, the regulatory wishlist, and the clean-sheet balance sheet.

May 5, 2026 Read
Analysis

STRK at $400 will Dominate Strategy's Trading Volume

Dan Hillery argues STRK will become as liquid as MSTR as a percentage of market cap. Gamma trading, MSTR call selling against STRK's embedded equity, levered carry trade structures, the ATM cut from $21B to $2.1B, and the moving liquidation preference all point to STRK dominating Strategy's trading volume.

May 1, 2026 Read
Episode

The Dividend Machine

The crew breaks down Strategy's shift to semi-monthly STRC dividends, walks through the balance sheet flywheel and mNAV premium funding capital raises, traces the path toward credit-rating receptivity through structured tranching, and explores how capital rotates from equity profits into yield-bearing digital credit instruments.

Apr 23, 2026 • 1:45:10 Watch
Episode

The User Experience

The crew discusses Strategy's passing of BlackRock in Bitcoin holdings and what it could signal for broader markets, whether the tokenized ecosystem is actually providing value, how AI tools are reshaping portfolio construction, and wraps up with Schwab's approach to Bitcoin education.

Apr 21, 2026 • 54:15 Watch
Analysis

The Income Statement Is the Obituary. The Balance Sheet Is the Will.

The equity market is scoring the wrong game. Jeff Walton re-runs the market's own pricing rule across 14 of the S&P's most scrutinized equities — Strategy is mispriced 4x to 22x in every honest specification, and the Mag 7 clusters on the wrong side of the line.

Apr 20, 2026 Read
Analysis

Semi-monthly STRC Divs Will Increase Monthly STRC ATM to $10B

Dan Hillery argues that shifting STRC's dividend cadence from monthly to semi-monthly will compress the time to recover to $100 par, give arbitrage traders two shots at overnight dividend capture per month, and drive STRC ATM volume toward $10B per month.

Apr 20, 2026 Read
Episode

Calling The Shot

The crew unpacks STRC's arbitrage setup and the capital-markets shift toward digital credit, billion-scale liquidity perspective and the balance-sheet flywheel, debasement math and leverage-risk analysis, issuance constraints and mNAV allocation strategy across rate regimes, and the Coffeezilla x Bankless media-narrative debate.

Apr 14, 2026 • 1:41:22 Watch

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