STRD Becomes Strategy’s Third Bitcoin-Tied Preferred Stock to Hit Nasdaq

Strategy Debuts STRD on Nasdaq, Targets $1B Raise to Bolster Bitcoin Holdings

Strategy Inc. (MSTR) launched its latest bitcoin-backed preferred stock offering, STRD, on the Nasdaq Wednesday, further expanding its toolkit for capitalizing its aggressive digital asset strategy.

Officially known as the 10% Series A Perpetual Stride Preferred Stock, STRD closed its first trading day up 0.24%, reflecting measured investor interest in the high-yield instrument.

The new security offers a fixed 10% annual dividend, the highest yield among Strategy’s preferred offerings to date. Unlike its predecessors STRF and STRK, the STRD issuance is non-cumulative and non-convertible, meaning dividends are not guaranteed and do not accrue if unpaid — a structure aimed at yield-focused investors willing to trade liquidity and certainty for enhanced returns.

Raising Capital to Feed the Bitcoin Treasury

Strategy intends to raise up to $1 billion through the offering, selling 11.76 million shares at $85 each. Net proceeds, estimated at $979.7 million, will go toward general corporate purposes — with a key focus on continued bitcoin acquisition.

The launch reinforces Strategy’s positioning as a pioneer in leveraging traditional capital markets to deepen exposure to bitcoin, offering investors novel access points to BTC-aligned returns without direct crypto custody.

Insider Participation Underscores Confidence

Company board member Jarrod Patten disclosed the purchase of 5,000 STRD shares, signaling internal confidence in the new instrument. Patten also holds 28,000 shares of MSTR Class A common stock and 10,000 shares of STRF, further cementing his stake in the company’s BTC-focused strategy.

With STRD, Strategy continues to refine its model of turning investor capital into digital reserves — a move that further blurs the line between fintech innovation and bitcoin maximalism.