The Bitcoin Credit Stack
rates are percent a year, continuously compounded · figures as of 2026-10-15 · read 2026-10-16 04:01 UTC
Market › Corporate › Strategy (MicroStrategy) › STRC

STRC

strategy_strc

Terms

IssuerStrategy Inc
TickerSTRC
Typeperpetual preferred
Rate policyvariable, administered with price feedback
Rate policy terms
TitleVariable Rate Series A Perpetual Stretch Preferred Stock
Ratchet
0
Bandbelow 95.00
Actionincrease 50bp or more
1
Band95.00 to 98.99
Actionincrease 25bp or more
2
Band99.00 to 100.99
Actionno change anticipated; discretionary minor change of 25bp either way
3
Band101.00 and above
Actiondecrease 25bp, or more if one-month term SOFR declined during the month, subject to the reduction cap in the prospectus and certificate of designations; and/or a follow-on offering
Variableyes
DiscretionAll recommendations are subject to board approval, may be adjusted for prevailing market conditions, and the framework may be changed or suspended at the issuer's sole discretion. This is why the mechanism is administered_price_feedback and not a formula: the price sets a recommendation, not the rate.
Par anchor100
CompoundingThe certificate provides for Compounded Dividends that accumulate into Regular Dividends.
Reset inputThe volume-weighted average price (VWAP) of STRC for the month. Note that the VWAP is the INPUT to the issuer's rate rule; it is not itself published as a price series - see the W8b-interim finding recorded against this registry.
Sofr linkageThe upper band references one-month term SOFR, so the ratchet is not purely BTC-credit-internal - a fiat rate enters the downward adjustment.
Reset cadencemonthly
Stated intent"This structured approach is intended to maintain the trading price of STRC Stock near its $100 per share stated amount." The issuer states no assurance it will.
Declared rates
0
From2025-07-29
SourceSEC EDGAR accession 0001193125-25-193487 (8-K, 2025-08-31): "increased the regular dividend rate per annum ... from 9.00% to 10.00%" — the rate from issue (2025-07-29) until then.
Rate %9
1
From2025-09-01
SourceSEC EDGAR accession 0001193125-25-193487 (8-K, 2025-08-31), "from 9.00% to 10.00% effective for monthly periods commencing on or after September 1, 2025"
Rate %10
2
From2025-10-01
SourceSEC EDGAR accession 0001193125-25-225038 (8-K, 2025-09-30), "from 10.00% to 10.25% effective for monthly periods commencing on or after October 1, 2025"
Rate %10.25
3
From2025-11-01
SourceSEC EDGAR accession 0001193125-25-258690 (8-K, 2025-10-30), "from 10.25% to 10.50% effective for monthly periods commencing on or after November 1, 2025"
Rate %10.5
4
From2025-12-01
SourceSEC EDGAR accession 0001193125-25-303157 (8-K, 2025-11-30), "effective for monthly periods commencing on or after December 1, 2025 from 10.50% to 10.75%"
Rate %10.75
5
From2026-01-01
SourceSEC EDGAR accession 0001193125-26-000264 (8-K), "effective for monthly periods commencing on or after January 1, 2026 from 10.75% to 11.00%"
Rate %11
6
From2026-02-01
SourceSEC EDGAR accession 0001193125-26-032731 (8-K, 2026-01-31), "effective for monthly periods commencing on or after February 1, 2026 from 11.00% to 11.25%"
Rate %11.25
7
From2026-03-01
SourceSEC EDGAR accession 0001193125-26-084264 (8-K, 2026-02-28), "effective for monthly periods commencing on or after March 1, 2026 from 11.25% to 11.50%"
Rate %11.5
8
From2026-04-01
SourceSEC EDGAR accession 0001193125-26-135765 (8-K, 2026-04-01), "maintain ... effective for monthly periods commencing on or after April 1, 2026 at 11.50%"
Rate %11.5
9
From2026-05-01
SourceSEC EDGAR accession 0001193125-26-199155 (8-K, 2026-05-01), "maintain ... effective for monthly periods commencing on or after May 1, 2026 at 11.50%"
Rate %11.5
10
From2026-06-01
SourceSEC EDGAR accession 0001193125-26-249768 (8-K, 2026-06-01), "maintain ... effective for monthly periods commencing on or after June 1, 2026 at 11.50%"
Rate %11.5
11
From2026-07-01
SourceSEC EDGAR accession 0001193125-26-286871 (8-K, 2026-06-29), "increase the regular dividend rate per annum ... effective for semi-monthly periods with record dates on or after July 1, 2026, to 12.00%". SUPERSEDES the 11.50% that accession 0001193125-26-270366 (2026-06-15) had stated for "the semi-monthly period ending July 15, 2026" — the later filing covers that period's record date.
Rate %12
12
From2026-08-16
SourceSEC EDGAR accession 0001193125-26-329565 (8-K, 2026-08-03), "maintain ... effective for semi-monthly periods commencing on or after August 16, 2026 at 12.00%"
Rate %12
13
From2026-09-16
SourceSEC EDGAR accession 0001193125-26-377583 (8-K, 2026-09-01), "maintain ... effective for semi-monthly periods commencing on or after September 16, 2026 at 12.00%"
Rate %12
Mechanism note§4.4.3 / C2 type specimen for rate_mechanism administered_price_feedback: board-set, ratchet triggers referenced to par, market verdict expressed as discount to par rather than through the rate. The framework below is that mechanism in the issuer's own words.
Ratchet sourceSEC EDGAR accession 0001050446-26-000012, 8-K filed 2026-02-05, "Dividend Adjustment Framework". Supersedes any earlier framework.
Declared rates known through2026-09-30
Cumulativeyes
Seniority rank3
Maturitynot stated
Liquidation preference100
Outstanding10,489,471,000 USD
CurrencyUSD
USD translation (issuer-filed)not stated
Statusoutstanding
Source for the seniority ranking

Junior to all six registered Strategy convertible notes (rank 1), which are senior unsecured debt per SEC EDGAR accession 0001050446-26-000044, R13 — debt ahead of equity, a structural ordering. Among the preferreds: SEC EDGAR accession 0001193125-25-167987, EX-3.1, which establishes its position from both sides in its own text: "Liquidation Senior Stock includes the Perpetual Strife Preferred Stock" and "Liquidation Junior Stock includes the Class A Common Stock, the Class B Common Stock, the Perpetual Strike Preferred Stock and the Perpetual Stride Preferred Stock". Junior only to STRF; senior to STRK and STRD.

Market

Last sale (IEX)$99.82
Price date2026-10-14
Price sourceiex_hist
Confidencelast_sale
Declared ratenot stated
Effective yieldnot stated
Attachment point26.9%
Coverage ratio3.7194
Coverage as of2026-07-24

Issuer bitcoin holdings

Holdings, read from a filing848,250 BTC as of 2026-10-11 · 8-K, filed 2026-10-13 · 0001193125-26-419726
What the filing says
During Period October 5, 2026 to October 11, 2026 As of October 11, 2026 BTC Purchased (1) Aggregate Purchase Price (in millions) (2) Average Purchase Price (2) Aggregate BTC Holdings Aggregate Purchase Price (in billions) (2) Average Purchase Price (2) 250 $ 21.5 $ 86,194 848,250

Valued in the payload at $82,161 as at 2026-10-15. Holdings and price carry different as-of dates and are not restated to a common one.

What the returns below are, and are not.

No dividend-payment record exists in this database and accrued_flag is null on every row, so income is what the terms accrue, not what was confirmed paid. For a cumulative preferred that difference is the credit question.

Returns

PeriodEntryDaysEntry priceExit priceIncomePriceTotal
1m2026-09-1430$98.95$99.820.53%0.88%1.41%
2m2026-08-1461$94.80$99.821.63%5.30%6.93%
3m2026-07-1492$88.18$99.822.91%13.20%16.11%
6m2026-04-14183$100.00$99.825.45%-0.18%5.27%
12m2025-10-14365$98.80$99.8211.05%1.03%12.08%
inception2025-07-31440$94.50$99.8213.64%5.63%19.27%

Only the income leg behaves like a rate. Annualising a total return over a short holding period multiplies a price move rather than measuring a yield - a 5% one-month move annualises past 70%. Rows under 90 days carry short_period_annualisation_warning (PC-10).

Trailing windows

Lookback windows are not maturities. These instruments are perpetual and have no tenor, so this profile never shares an axis or a legend with a tenor-axis chart, and is never drawn as a fitted curve (PC-8).

Window (days)ObservationsStartMean effective yieldMean declaredFull window
752026-10-08not statednot statedyes
14102026-10-01not statednot statedyes
30222026-09-1512.18%12.00%yes
60422026-08-1712.30%12.00%yes
90632026-07-1712.67%12.00%yes
1801242026-04-2012.52%11.78%yes
3652512025-10-1511.76%11.36%yes

Ask for this by machine

REST
GET https://api.bitcoincreditstack.com/v1/market/corporate/instruments
MCP
get_corporate_instruments()

The same figures, the same names and dates. Connect your AI →

As of 2026-10-14

Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. IEX

Ask how this instrument's terms compare with the issuer's other securities, by connecting.Connect your AI ↗