Strategy to reissue preferred shares, STRD does not guarantee dividends, will investors still subscribe?

The Bitcoin reserve strategy pioneer MicroStrategy Strategy (, originally named MicroStrategy), announced the issuance of new preferred shares STRD, which have a 10% non-cumulative dividend, and the repayment priority is even lower than the previous STRF and STRK. Why does Strategy have the confidence to continue issuing preferred shares? Are the conditions getting worse?

Strategy再發新型優先股STRD

Strategy The newly issued STRD (10.00% Series A Perpetual Stride Preferred Stock ) has the following features:

Dividends: STRD offers a non-cumulative dividend of 10.00%, which will only be paid when decided by the Board of Directors or an authorized committee. Dividends will be paid quarterly on March 31, June 30, September 30, and December 31, but if no dividend is declared for the quarter, the company is not required to make up for it.

Dynamic Liquidation Preference (Liquidation Preference): The initial liquidation preference per share of STRD is $100, and it may be adjusted in the future, but will not be lower than $100.

Redemption and Buyback Mechanism: If the issuance of STRD falls below 25% of the initial issuance, the company may choose to redeem all. In addition, if a tax event or significant change event occurs, shareholders may choose to request a buyback.

What are the differences between STRD, STRF, and STRK?

Strategy has previously issued preferred stocks of STRF and STRK, where STRK has the characteristic of being convertible into common stock MSTR, thus the dividend is 8%, slightly lower than STRF and STRD. Chain News has summarized the differences between the three as shown in the table below:

The newly launched STRD does not accumulate dividends, which means the company can decide not to distribute dividends, and there will be no subsequent payouts. Moreover, STRD has a lower priority for repayment, and its conditions are clearly worse than those of the original STRF.

Recently, the prices of STRK and STRF have both surpassed the liquidation price of 100 USD, closing yesterday at 104.49 and 105.50 USD respectively. This reflects the enthusiasm of investors, which may also be the reason why Strategy is confident enough to issue another preferred stock with poorer conditions!

( MicroStrategy Strategy New Bitcoin Blueprint, how STRF expands the bond market to allow retail investors to easily invest )

As of May 30, 2025, STRK has issued 10,679,604 shares. STRF has issued 8,979,391 shares. STRD is expected to issue 2,500,000 shares.

This article Strategy reissues preferred shares, STRD does not guarantee dividends, will investors still buy it? First appeared in Chain News ABMedia.