Digital Credit · preferred shares
Bitcoin-backed preferred shares of all issuers
9 of these shares trade today and pay between 8.6 % and 15.5 % a year at today's prices. Bitcoin would have to fall by 29 % before the company's bitcoin no longer covers even the least-covered one.
Companies that hold bitcoin sell these shares to raise money and pay their buyers a regular dividend in return. The more bitcoin stands behind a share, the safer that dividend.
Instruments trading9plus 1 announced
Outstanding (stated value)€13.96B
Issuers6
Issuers' BTC₿943’013
Prices from Yahoo Finance as of 13 Nov 2026 21:00 UTC; BTC price from the ticker bar.
Overview
Click a column heading to sort, again to reverse.
| BTC-PREF-A BTC PREF - Preference A shares of B Treasury Capital ABB Treasury Capital AB (BTC AB) | SEK 139.00 | +0.72 % | – | 465 | SEK 120.00 | 10.00 % | 8.63 % | monthly | – | 1 of 1 | fixed | no | – | 6.14× | €10’091 | €1.76M |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARS announcedClass A Preferred Shares (MARS - Metaplanet Adjustable Rate Security)Metaplanet | – | – | – | – | – | – | – | monthly | – | 1 of 2 | variable | no | – | – | – | – |
| MERCURY not listedClass B Preferred Shares (MERCURY - Metaplanet Convertible for Return & Yield)Metaplanet | – | – | – | – | ¥1’000.00 | 4.90 % | – | quarterly | 31 Dec 2026 | 2 of 2 | fixed | yes ⓘ | yes | – | – | €134.93M |
| STRF 10.00% Series A Perpetual Strife Preferred StockStrategy | $100.35 | −1.43 % | $100.25 −0.10 % | 73’415 | $100.00 | 10.00 % | 9.97 % | quarterly | 15 Dec 2026 | 1 of 5 | fixed | no | yes | 7.25× | €8’543 | €1.16B |
| STRC Variable Rate Series A Perpetual Stretch Preferred StockStrategy | $99.91 | +0.05 % | $99.90 −0.01 % | 1’931’555 | $100.00 | 12.00 % | 12.01 % | daily | every business day | 2 of 5 | variable | no | yes | 3.58× | €17’282 | €7.42B |
| STRE 10.00% Series A Perpetual Stream Preferred StockStrategy | €79.00 | 0.00 % | – | 0 | €100.00 | 10.00 % | 12.66 % | quarterly | 15 Dec 2026 | 3 of 5 | fixed | no | yes | 3.40× | €18’195 | €775.32M |
| STRK 8.00% Series A Perpetual Strike Preferred StockStrategy | $66.16 | −1.47 % | $66.00 −0.24 % | 112’155 | $100.00 | 8.00 % | 12.09 % | quarterly | 15 Dec 2026 | 4 of 5 | fixed | yes ⓘ | yes | 3.14× | €19’692 | €1.27B |
| STRD 10.00% Series A Perpetual Stride Preferred StockStrategy | $66.65 | −1.26 % | $66.50 −0.23 % | 225’221 | $100.00 | 10.00 % | 15.00 % | quarterly | 15 Dec 2026 | 5 of 5 | fixed | no | no | 2.92× | €21’190 | €1.27B |
| SATA Variable Rate Series A Perpetual Preferred StockStrive | $97.73 | −0.17 % | $97.50 −0.24 % | 261’564 | $100.00 | 13.00 % | 13.30 % | daily | every business day | 1 of 2 | variable | no | yes | 2.10× | €29’514 | €1.27B |
| SATS 15.00% Series A Perpetual SATS Preferred StockStrive | $96.92 | +0.46 % | $97.00 +0.09 % | 210’166 | $100.00 | 15.00 % | 15.48 % | daily | every business day | 2 of 2 | fixed | no | yes | 1.40× | €44’246 | €635.32M |
| MORE MORE Preferred Shares (cumulative variable-rate weekly-dividend preferred shares)The Smarter Web Company | £84.00 | +1.21 % | – | 1’116 | £100.00 | 12.00 % | 14.29 % | weekly | – | 1 of 1 | variable | no | yes | 5.47× | €11’325 | €13.10M |
Price, stated value and dividend in the currency the instrument trades in; outstanding amounts and BTC prices in the currency chosen above. Coverage at today's BTC price, from the bitcoin holdings and the claims ranking before, as stated in the sources below.
Capital structure per company
Each company's bitcoin is on top, then who gets paid from it first: debt, the preferred shares by rank, the common shares last. All bars use one scale, and each claim starts where the ones before it end. The dashed line marks the bitcoin's value: a layer that ends left of it is covered, a red part is not. “Covered 3×” means the bitcoin is worth three times everything down to that layer; “below 1× at” is the bitcoin price where that cover runs out.
B Treasury Capital AB (BTC AB)
Metaplanet
The Smarter Web Company
Strategy
Strive
Yield vs. coverage
Each point is a preferred share: further right more bitcoin coverage, higher up more effective yield. Left of the 1× line the bitcoin no longer covers the claims.
History since issuance
Daily closes of each preferred share since its first trading day, with the stated value as a line. Pick the instrument above the chart.
- Price
- Stated value
Dividend calendar
The next ex-dates as stated by the issuer and what each instrument paid per share in the last twelve months (by ex-date, Yahoo Finance).
Next ex-dates
- STRFquarterly · about $2.50 per share at the current rate
- STREquarterly · about €2.50 per share at the current rate
- STRKquarterly · about $2.00 per share at the current rate
- STRDquarterly · about $2.50 per share at the current rate
- MERCURYquarterly · about ¥12.25 per share at the current rate
Paid daily, with an ex-date every business day: STRC · SATA · SATS.
Paid per share, last 12 months
| Dec 2025 | Jan 2026 | Feb 2026 | Mar 2026 | Apr 2026 | May 2026 | Jun 2026 | Jul 2026 | Aug 2026 | Sep 2026 | Oct 2026 | Nov 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BTC-PREF-A | · | · | · | · | · | · | · | · | · | · | · | · |
| STRF | $2.50 | · | · | $2.50 | · | · | $2.50 | · | · | $2.50 | · | · |
| STRC | $0.90 | $0.92 | $0.94 | $0.96 | $0.96 | $0.96 | $1.44 | $1.00 | $1.00 | $1.00 | $0.53 | $0.37 |
| STRE | · | · | · | · | · | · | · | · | · | · | · | · |
| STRK | $2.00 | · | · | $2.00 | · | · | $2.00 | · | · | $2.00 | · | · |
| STRD | $2.50 | · | · | $2.50 | · | · | $2.50 | · | · | $2.50 | · | · |
| SATA | $2.15 | $1.02 | $1.04 | · | $1.06 | $1.08 | $1.56 | $1.08 | $1.09 | $1.09 | $1.10 | $0.46 |
| SATS | · | · | · | · | · | · | · | · | · | · | · | $1.07 |
| MORE | · | · | · | · | · | · | · | · | · | · | £0.23 | £0.23 |
Calculator 8: digital-credit cash flow
Sell some bitcoin, put the proceeds into STRC, STRF or SATA: what that pays per month and per year.
Open the calculator →Glossary
- Digital credit
- Preferred shares and notes of companies holding bitcoin: they pay a regular dividend, and the issuer's bitcoin stands behind them.
- Stated value
- The fixed amount per share the dividend rate is calculated on, often $100; not the market price.
- Dividend rate
- The percentage per year on the stated value, e.g. 10 % on $100 = $10 a year.
- Effective yield
- What buying at today's price pays per year: dividend rate × stated value ÷ price. Below the stated value it is higher than the rate, above it lower.
- Ex-date
- From this day the share trades without the next dividend: whoever holds it before is entitled.
- Seniority
- The order in which claims are served: debt first, then the preferreds by rank, the common shares last.
- Fixed or variable
- A fixed rate stays the same; a variable one is adjusted by the issuer (e.g. monthly), usually to keep the price near the stated value.
- Convertible
- The preferred share can be exchanged into common shares on fixed terms and so gains when they rise.
- Cumulative
- A missed dividend accrues and must be paid before anything junior gets paid.
- BTC coverage
- How many times the issuer's bitcoin covers the instrument: BTC holdings × BTC price ÷ (debt + the stated value outstanding of this and every preferred ranking before or alike).
- BTC price at 1×
- The BTC price at which coverage is exactly 1×: (debt + preferreds ranking before or alike) ÷ BTC holdings. Below it the bitcoin alone no longer covers the claims.
- mNAV
- Market value of the common shares ÷ value of the bitcoin held. Above 1× the market pays more than the bitcoin is worth.
- After hours
- Trading outside regular market hours, in the US before 9:30 and after 16:00 New York time; usually thin.
- Return of capital (ROC)
- Some US issuers declare dividends as a return of capital, not taxed as income in the US at first.
Sources and verification
Every instrument fact is checked against the source named before it is published (mostly the issuer's own announcements and filings). An instrument without a source and date appears only as “being verified”, without figures. Prices, volume, history and dividends paid: Yahoo Finance.
Show all 23 sources with their dates
- Metaplanet as of 30 Sep 2026
https://metaplanet.jp/disclosure-pdf/140120261005546274.pdf · https://metaplanet.jp/disclosure-pdf/140120261013550035.pdf · https://metaplanet.jp/disclosure-pdf/140120261102562854.pdf - Capital B as of 15 Oct 2026
https://cptlb.com/wp-content/uploads/2026/10/tqRoqfppJ0/20261015-Capital-B-CP-15-octobre-2026-EN-FINAL.pdf · https://cptlb.com/wp-content/uploads/2026/09/rbZj2RjXHd/20260928-Capital-B-CP-28-septembre-2026-EN-FINAL.pdf - Strive as of 30 Oct 2026
https://www.sec.gov/Archives/edgar/data/1920406/000162828026068660/asst-20261102.htm · https://www.sec.gov/Archives/edgar/data/1920406/000162828026071332/asst-20260930.htm - B Treasury Capital AB (BTC AB) as of 30 Sep 2026
https://mfn.se/cis/a/b-treasury-capital/btc-ab-publishes-q3-report-monthly-dividend-btc-pref-listed-debt-free-bitcoin-per-b-share-up-5-2-after-redemption-01eb3a59 · https://mfn.se/cis/a/b-treasury-capital/btc-ab-completes-redemption-of-class-b-shares-5c93030a - The Smarter Web Company as of 9 Nov 2026
https://www.investegate.co.uk/announcement/rns/the-smarter-web-company-plc--swc/bitcoin-purchase/9837639 · https://www.smarterwebcompany.co.uk/bitcoin-treasury/more-dashboard/ - Strategy as of 6 Nov 2026
https://www.sec.gov/Archives/edgar/data/1050446/000119312526442707/mstr-20261102.htm · https://www.sec.gov/Archives/edgar/data/1050446/000105044626000060/mstr-20260930.htm · https://api.strategy.com/btc/mstrKpiData (strategy.com dashboard feed) - BTC-PREF-A BTC PREF - Preference A shares of B Treasury Capital AB as of 16 Jul 2026
https://mfn.se/cis/a/b-treasury-capital/btc-ab-resolves-to-carry-out-a-rights-issue-of-preference-a-shares-in-connection-with-listing-on-spotlight-stock-market-b3f759e3 · https://mfn.se/cis/a/b-treasury-capital/btc-ab-announces-the-outcome-of-the-rights-issue-25e7b75b · https://mfn.se/cis/a/b-treasury-capital/btc-ab-announces-the-registration-of-the-rights-issue-and-the-first-day-of-trading-in-preference-a-shares-on-spotlight-stock-market-50596a2d · https://mfn.se/cis/a/b-treasury-capital/btc-ab-carries-out-a-directed-issue-of-preference-a-shares-of-approx-sek-7-2-million-e167ced7 · https://mfn.se/cis/a/b-treasury-capital/btc-ab-publishes-q3-report-monthly-dividend-btc-pref-listed-debt-free-bitcoin-per-b-share-up-5-2-after-redemption-01eb3a59 - MARS Class A Preferred Shares (MARS - Metaplanet Adjustable Rate Security) as of 5 Oct 2026
https://metaplanet.jp/disclosure-pdf/140120251120505752.pdf · https://metaplanet.jp/disclosure-pdf/140120251229527952.pdf · https://metaplanet.jp/disclosure-pdf/140120261005546274.pdf - MERCURY Class B Preferred Shares (MERCURY - Metaplanet Convertible for Return & Yield) as of 30 Sep 2026
https://metaplanet.jp/disclosure-pdf/140120251120505752.pdf · https://metaplanet.jp/disclosure-pdf/140120251229527952.pdf · https://metaplanet.jp/disclosure-pdf/140120260608565183.pdf · https://metaplanet.jp/disclosure-pdf/140120261005546274.pdf - STRF 10.00% Series A Perpetual Strife Preferred Stock as of 6 Nov 2026
https://api.strategy.com/btc/strfKpiData (data feed of strategy.com/credit) · https://www.sec.gov/Archives/edgar/data/1050446/000105044626000060/mstr-20260930.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312526437776/mstr-20261028.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525272591/d22199d424b5.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525137186/d125757d424b5.htm - STRC Variable Rate Series A Perpetual Stretch Preferred Stock as of 6 Nov 2026
https://api.strategy.com/btc/strcKpiData (data feed of strategy.com/credit) · https://www.sec.gov/Archives/edgar/data/1050446/000105044626000060/mstr-20260930.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312526442707/mstr-20261102.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312526437776/mstr-20261028.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525272591/d22199d424b5.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525137186/d125757d424b5.htm - STRE 10.00% Series A Perpetual Stream Preferred Stock as of 6 Nov 2026
https://api.strategy.com/btc/streKpiData (data feed of strategy.com/credit) · https://www.sec.gov/Archives/edgar/data/1050446/000105044626000060/mstr-20260930.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525272591/d22199d424b5.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525137186/d125757d424b5.htm - STRK 8.00% Series A Perpetual Strike Preferred Stock as of 6 Nov 2026
https://api.strategy.com/btc/strkKpiData (data feed of strategy.com/credit) · https://www.sec.gov/Archives/edgar/data/1050446/000105044626000060/mstr-20260930.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312526437776/mstr-20261028.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525272591/d22199d424b5.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525137186/d125757d424b5.htm - STRD 10.00% Series A Perpetual Stride Preferred Stock as of 6 Nov 2026
https://api.strategy.com/btc/strdKpiData (data feed of strategy.com/credit) · https://www.sec.gov/Archives/edgar/data/1050446/000105044626000060/mstr-20260930.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312526437776/mstr-20261028.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525272591/d22199d424b5.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312525137186/d125757d424b5.htm - SATA Variable Rate Series A Perpetual Preferred Stock as of 30 Oct 2026
https://www.sec.gov/Archives/edgar/data/1920406/000162828026068660/asst-20261102.htm · https://www.sec.gov/Archives/edgar/data/1920406/000162828026071332/asst-20260930.htm · https://www.sec.gov/Archives/edgar/data/1920406/000162828026065594/asst-20261012.htm · https://www.sec.gov/Archives/edgar/data/1920406/000114036125041295/ny20056805x8_8k.htm - SATS 15.00% Series A Perpetual SATS Preferred Stock as of 30 Oct 2026
https://www.sec.gov/Archives/edgar/data/1920406/000162828026068660/asst-20261102.htm · https://www.sec.gov/Archives/edgar/data/1920406/000162828026071332/asst-20260930.htm · https://www.sec.gov/Archives/edgar/data/1920406/000095010326015690/dp255095_8k.htm · https://www.sec.gov/Archives/edgar/data/1920406/000095010326015849/dp255260_8k.htm · https://www.sec.gov/Archives/edgar/data/1920406/000095010326016138/dp255514_8k.htm · https://www.sec.gov/Archives/edgar/data/1920406/000095010326015734/dp255138_424b5.htm - MORE MORE Preferred Shares (cumulative variable-rate weekly-dividend preferred shares) as of 4 Nov 2026
https://www.investegate.co.uk/announcement/rns/the-smarter-web-company-plc--swc/more-preferred-shares-buyback-/9856821 · https://www.investegate.co.uk/announcement/rns/the-smarter-web-company-plc--swc/more-weekly-dividend-preferred-dividend-rate-12-/9854519 · https://www.investegate.co.uk/announcement/rns/the-smarter-web-company-plc--swc/results-of-offer-and-preferred-dividend-timetable/9816797 · https://www.smarterwebcompany.co.uk/bitcoin-treasury/more-dashboard/ - BTC-B.ST B Treasury Capital AB Class B Shares as of 13 Oct 2026
https://mfn.se/cis/a/b-treasury-capital/btc-ab-completes-redemption-of-class-b-shares-5c93030a - ALCPB.PA Capital B SA Ordinary Shares as of 28 Sep 2026
https://cptlb.com/wp-content/uploads/2026/09/rbZj2RjXHd/20260928-Capital-B-CP-28-septembre-2026-EN-FINAL.pdf - 3350.T Metaplanet Inc. Common Stock as of 31 Oct 2026
https://metaplanet.jp/disclosure-pdf/140120261102562848.pdf · https://metaplanet.jp/disclosure-pdf/140120261005546274.pdf - MSTR Strategy Class A Common Stock as of 25 Oct 2026
https://www.sec.gov/Archives/edgar/data/1050446/000105044626000060/mstr-20260930.htm · https://www.sec.gov/Archives/edgar/data/1050446/000119312526442707/mstr-20261102.htm - ASST Strive, Inc. Class A Common Stock as of 30 Oct 2026
https://www.sec.gov/Archives/edgar/data/1920406/000162828026068660/asst-20261102.htm · https://www.sec.gov/Archives/edgar/data/1920406/000162828026071332/asst-20260930.htm - SWC.L The Smarter Web Company PLC Ordinary Shares as of 12 Oct 2026
https://www.investegate.co.uk/announcement/rns/the-smarter-web-company-plc--swc/subscription-agreement-warrant-exercises-tvr/9816846 · https://www.investegate.co.uk/announcement/rns/the-smarter-web-company-plc--swc/results-of-offer-and-preferred-dividend-timetable/9816797 · https://www.investegate.co.uk/announcement/rns/the-smarter-web-company-plc--swc/ordinary-and-preferred-shares-atm-update/9835228
Tax treatment: a US classification as return of capital does not automatically apply in Germany or Switzerland.
Sources and formulas in the methodology →
In the magazine: Digital Credit explained, understanding Bitcoin preferred stock →