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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

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| Episode 57

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 • ~60 min 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| Ep. 56

The crew is back this week discussing Strategy’s passing of BlackRock in Bitcoin Holdings and what it could signal for broader markets. They then dive into whether the tokenized ecosystem is actually providing value, before exploring how AI tools are reshaping portfolio construction. Finally, they w

Apr 21, 2026 • ~60 min 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
Analysis

Weekly Signal: April 13–17, 2026

The weekly signal from the True North team — covering Strategy's STRC dividend shift to semi-monthly, a $1B BTC buy funded by STRC issuance, Fidelity's 'get off zero' research, Coffeezilla's STRC critique, and Wall Street banks racing into Bitcoin with $189K price targets.

Apr 17, 2026 Read
Episode

Calling The Shot

This week the crew covers Does STRC Have a speed limit?, Large Capital Flows, Capital Market Landscape.

Apr 14, 2026 • 1:41:22 Watch
Episode

MSTR Can Buy More BTC Than Sellers Can Sell

The crew analyzes STRC's liquidity and yield structure, breaks down algorithmic arbitrage flows, examines digital credit's hybrid capital thesis, models MSTR's demand engine under rate cuts, and compares the full capital stack across STRC, STRF, and STRK.

Apr 8, 2026 • 1:37:04 Watch

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