Michael Saylor said Strategy’s STRC preferred stock gained 9% over one year while bitcoin lost 47%. The chart leaves out the company’s common stock, which closed roughly 76% below its level a year earlier.
Key Takeaways
STRC outperformed bitcoin by 56 percentage points over one year.Strategy’s other preferred securities recorded losses of 8% to 27%.Strategy’s common stock closed about 76% below its year-earlier level.Saylor wrote:
“Over the past year, $BTC fell 47%. Our Digital Credit instruments ranged from -27% to +9%, with $STRC up 9%.”
The accompanying chart showed STRD declining 8%, STRF losing 9% and STRK falling 27%, with bitcoin trading near $63,000 on Aug. 16. Strategy stated that the one-year calculations covered Aug. 14, 2025, through Aug. 14 and included cash dividends and distributions, making the figures broader than share-price changes alone.
STRD is Strategy’s perpetual preferred stock with a stated fixed 10% annual dividend payable quarterly. STRF is the company’s senior-most perpetual preferred stock, offering a stated fixed 10% annual cash dividend payable quarterly. STRK is its convertible perpetual preferred stock with a stated 8% annual dividend payable quarterly. The dividends are not guaranteed.
Dividends Reshape the Return ComparisonSTRC’s 9% one-year gain differs from its current 12% annualized dividend rate, which applied to only part of the measured period. The preferred stock launched in July 2025 at a 9% rate and climbed through seven consecutive monthly increases before reaching 12% for record dates on or after July 1. Its market price may rise or fall, while dividends were included in the reported one-year return.
Lower Volatility Does Not Eliminate RiskDigital credit repurchases began in late July, when the firm bought 288,930 STRC shares for about $25 million, an average of $86.53 per share and a 13.47% discount to the $100 stated amount. Strategy has sold approximately $218.4 million of bitcoin year to date to fund a portion of its preferred dividends.
Where Strategy’s Common Stock StandsCommon shareholders hold the residual claim after preferred dividends, which reached $400.7 million in the second quarter alone. Strategy posted a second-quarter net loss of $8.22 billion, or $24.45 per diluted common share, on an $8.32 billion unrealized loss on its digital assets. The $1 billion MSTR repurchase program remains fully available, with the company saying it will consider buybacks when management believes the stock trades below intrinsic value.
