⬡ Seniority Stack
◎ Dividend Yields
Effective yields vary with market price and update live below. STRC rate adjusts monthly via VWAP.
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MSTR Price — Live
mNAV & Diluted mNAV — Daily
MSTR vs BTC — Normalized Performance
Historical Volatility — 30-day
BTC Acquired per Quarter
BTC Yield & Accumulation — AnnualYTD row updates live · ✓ = officially reported by Strategy · * = calculated
About MSTR
MSTR is Strategy's Class A common stock — the primary vehicle for leveraged Bitcoin exposure sitting at the bottom of the capital stack. No guaranteed dividends but unlimited upside and voting rights. All-time high was $543 in Nov 2024.
Strategy holds — BTC — the world's largest corporate Bitcoin holder.
Key Details
- TickerNASDAQ: MSTR
- TypeClass A Common
- DividendNone
- VotingYes
- StackMost Junior
- CEOPhong Le
- ChairmanMichael Saylor
STRC Price — Live
Historical Volatility — 30-day
About STRC
Designed to trade near $100 par with monthly dividends. Rate adjusts via VWAP-based framework: below $95 → ≥50bp hike, $95-99 → ≥25bp hike, above $101 → possible decrease. Current rate: —.
Details
- TickerNASDAQ: STRC
- Payout—/mo
- SenioritySenior to MSTR
- ConvertNo
- ATM$4.2B auth
STRF Price — Live
Historical Volatility — 30-day
About STRF
The most senior preferred. Fixed 10% dividend with compounding penalty if missed (+1%/yr to max 18%). Pure fixed-income, no conversion. Targets pension/income investors. Raised $711M upsized from $500M.
Details
- TickerNASDAQ: STRF
- Payout$2.50/qtr
- SeniorityMost Senior
- UpsideNone
STRD Price — Live
Historical Volatility — 30-day
About STRD
Non-cumulative — missed dividends don't accrue. Highest effective yield at current discount. Junior to STRF/STRK. Comparable to PFF (7%) and USHY (8%) with zero fees. Raised ~$1B at $85/share.
Details
- TickerNASDAQ: STRD
- Payout$2.50/qtr
- SeniorityJunior Preferred
STRK Price — Live
Historical Volatility — 30-day
About STRK
Unique conversion feature — 10 shares → 1 MSTR. Lower 8% div reflects embedded option value. Blends fixed-income yield with equity upside potential.
Details
- TickerNASDAQ: STRK
- Payout$2.00/qtr
- SeniorityMid Preferred
- ATMActive
STRE Price — Live
About STRE
Strategy's Euro-denominated preferred, expanding into European markets. Pays 10% on €100 stated amount quarterly. Launched Nov 2025 at €80, raised €620M. Listed on Luxembourg Stock Exchange.
Details
- TickerLuxSE: STRE
- Payout€2.50/qtr
- SenioritySenior to MSTR
- ConvertNo
Implied MSTR Price Formula: BTC price × BTC holdings × mNAV ÷ diluted shares · highlighted row = current BTC price · highlighted column = current mNAV
Indexed to 100 at period start
Bitcoin Price (USD)
⟁ Power Law
Bitcoin Historical Volatility — 30-day
Halving History & Cycle Returns
| Era | Halving Date | Block Reward | Price at Halving | Cycle Peak | Peak Date | Cycle Return |
|---|---|---|---|---|---|---|
| Era 1 → 2 | Nov 28, 2012 | 50 → 25 BTC | $12 | $1,163 | Nov 29, 2013 | +9,592% |
| Era 2 → 3 | Jul 9, 2016 | 25 → 12.5 BTC | $650 | $19,783 | Dec 17, 2017 | +2,943% |
| Era 3 → 4 | May 11, 2020 | 12.5 → 6.25 BTC | $8,600 | $69,000 | Nov 10, 2021 | +702% |
| Era 4 → 5 | Apr 20, 2024 | 6.25 → 3.125 BTC | $63,800 | $126,210 | Oct 6, 25 | +98%* |
| Era 5 → 6 | ~Apr 2028 | 3.125 → 1.5625 BTC | TBD | TBD | TBD | TBD |
Power Law Model
log₁₀(P) = 5.84 × log₁₀(days) − 17.01
days = elapsed since Bitcoin genesis block (Jan 3, 2009).
Bands: ±0.374 log₁₀ units ≈ ×2.37 upper / ÷2.37 lower from fair value.
Model by Giovanni Santostasi · Not financial advice