$STRD, the third preferred share of Strategy (formerly MicroStrategy), backed by Bitcoin, began trading on Nasdaq on June 11, 2025. This is a perpetual Series A (Stride) stock with a fixed dividend yield of 10% per annum, payable quarterly starting September 30, 2025, subject to board approval. The dividends are non-cumulative. Strategy placed 11,764,700 shares of STRD at $85, raising ~$979.7 million (net of fees). The funds will be used for purchasing Bitcoins and working capital. The liquidation value is $100 per share (may be adjusted). The company can buy back shares if their number falls below 25% of the issuance, or in case of tax events; holders can request a buyback in the event of fundamental changes. STRD follows $STRK (8% dividends) and $STRF (10% dividends), offering the highest yield but with greater risk. This underscores the company's strategy of using Bitcoin as a reserve asset.
