Michael Saylor: Upgraded STR Series Dashboard Metrics, Strategy Currently Holds Approximately 840,000 Bitcoins
Michael Saylor announced the upgrade of the dashboards for Strategy's $STRC, $STRD, $STRK, and $STRF, adding five new metrics: BTC Rating, BTC Floor, BTC Floor ARR, Tax-Equivalent Effective Yield, and 1Y Sharpe.
These tools are used to assess the income level, credit quality, downside protection, and risk-adjusted returns of preferred stocks, and are publicly available on strategy.com.
STRC, STRD, STRK, and STRF are all Digital Credit preferred stocks issued by Strategy, each with a par value of approximately $100, corresponding to variable rate monthly dividends, non-cumulative fixed dividends, convertible fixed dividends, and senior fixed dividend structures, used to support the company's Bitcoin reserve expansion.
Before the dashboard upgrade, there were already BTC Credit models and Floor price displays; this update supplements the Tax-Equivalent Effective Yield (considering a 37% marginal tax rate in the U.S.) and the 1-year Sharpe ratio, further quantifying the returns and volatility characteristics of each preferred stock relative to traditional credit instruments.
Strategy currently holds approximately 840,000 Bitcoins, with a total nominal scale of preferred stocks exceeding $15 billion, among which STRC is the largest variable rate instrument, targeting a trading range close to par value.
The new metrics are event-driven disclosures aimed at attracting funds seeking Bitcoin-linked fixed income into Digital Credit products, enhancing the liquidity and pricing transparency of preferred stocks; the beneficiaries are investors holding these preferred stocks and Bitcoin reserves, while traditional high-yield bonds and money market instruments face pressure on fund allocation.
Source: Public Information
ABAB AI Insight
Since 2025, Strategy has continuously issued the STRK, STRF, STRD, and STRC series of preferred stocks, raising billions of dollars specifically to increase Bitcoin holdings, forming a "Digital Credit" capital stack, avoiding excessive dilution of common stock MSTR, while using Bitcoin reserves as implicit collateral for preferred stocks.
The funding path is clear: cash raised from preferred stocks is directly used to purchase Bitcoin, which then appreciates and covers the dividends and debt interest of the preferred stocks; STRC, as a variable rate instrument, can dynamically adjust dividends to maintain near-par trading, becoming the main engine for balance sheet expansion, while STRF provides the highest level of protection, overall reducing capital costs and extending the holding duration of Bitcoin.
A similar path can be seen in the early stages of MicroStrategy's convertible bond financing for Bitcoin purchases, as well as in some current structured products attempted by Bitcoin treasury companies; currently, Strategy has moved from simply leveraging Bitcoin purchases to a "credit productization" phase, with the scale of preferred stocks exceeding debt, and the industry is transitioning from expanding reserves to controlling capital structure and pricing power.
Essentially, this represents a transfer of pricing power: traditional credit market pricing relies on the issuer's cash flow and rating agencies, while Strategy reconstructs the pricing anchor using Bitcoin reserves and publicly available BTC Floor/ARR models, creating alternative pressure on traditional fixed income in terms of after-tax returns and downside protection, with the mechanism being that Bitcoin's high volatility and long-term expected returns are structured into quantifiable credit products.
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