What is STRC (Stretch Preferred)?
STRC — ticker STRC, "Stretch Preferred" — is a perpetual preferred stock issued by Strategy (formerly MicroStrategy). It carries a $100 par value and a variable dividend rate, 12.00% per annum as of November 6, 2026, that Strategy adjusts at its discretion. Strategy sells it to fund Bitcoin purchases, which makes STRC the main engine behind the largest corporate Bitcoin treasury.
Live: STRC last closed at $99.56 on November 5, 2026, against a 12.00% stated rate, an effective yield of 12.05% at that price. Updated each trading day on the STRC Tracker dashboard.
STRC key facts
| Ticker | STRC |
|---|---|
| Name | Variable Rate Series A Perpetual Stretch Preferred Stock ("Stretch") |
| Issuer | Strategy Inc (formerly MicroStrategy) |
| Stated amount (par) | $100 per share |
| Dividend rate | Variable, reviewed monthly by Strategy; 12.00% per annum as of November 6, 2026 |
| Payment cadence | Daily from November 1, 2026 (semi-monthly July–October 2026) |
| Cumulative | Yes |
| Convertible | No |
| Maturity | None (perpetual) |
| Seniority | Behind STRF, ahead of STRK and STRD |
How STRC raises money for Bitcoin
Strategy sells new STRC shares through an at-the-market (ATM) offering — issuing shares directly into the open market at prevailing prices whenever STRC trades at or above its $100 par. The proceeds, net of a ~2.5% agent fee, are deployed into Bitcoin for the company's treasury and, since mid-2026, into a USD cash reserve that backs its dividend obligations. Each week's activity is disclosed in an SEC 8-K filing on EDGAR.
The dividend: variable rate, paid daily
Unlike Strategy's fixed-rate preferreds, STRC's rate floats — Strategy evaluates it monthly and has moved it over time (it rose from 11.50% to 12.00% effective July 1, 2026). From November 1, 2026, STRC pays daily: every calendar day is a record date, paid the next business day (it paid semi-monthly from July through October 2026). Because the dividend is paid on the $100 par rather than the market price, a buyer purchasing below par earns an effective yield higher than the stated rate (stated × par ÷ price).
STRC daily dividends: the October 2026 proposal
Daily dividends, approved. At a special meeting on October 28, 2026, Strategy's common stockholders approved amendments moving all four of its preferred stocks to daily dividends (in Strategy's words, "based on preliminary voting results, the requisite vote was obtained"). From November 1, 2026, every calendar day (weekends and holidays included) is a STRC record date, with each declared dividend paid the next business day. Dividends whose record dates fall on a weekend or holiday share the preceding trading day as their ex-date and are paid together: Friday, Saturday and Sunday dividends all pay on Monday. STRF, STRK and STRD follow from January 1, 2027. The change does not alter any dividend rate or the total paid: the same annual dividend arrives in smaller, more frequent payments, and dividends are still paid only when declared by the Board. The schedule takes effect subject to the filing of the amended certificates of designations. Sources: Strategy's 8-K (SEC, October 28, 2026) and definitive proxy statement (SEC, October 5, 2026).
STRC vs. Strategy's other preferreds
STRC is one of Strategy's "Digital Credit" preferred instruments, alongside STRF (Strife), STRK (Strike), and STRD (Stride). STRC is the variable-rate member of the family; the others carry fixed rates. See the live STRC vs STRF vs STRK vs STRD yield table for prices, rates and seniority side by side. Full terms for each are in their respective SEC prospectuses.
Risks to understand
- The rate can go down as well as up. Strategy sets it, and a variable rate is not a guaranteed income stream.
- Dividends are paid only when declared by Strategy's Board out of legally available funds. STRC is cumulative, so unpaid dividends accrue, but they are not guaranteed to be paid on schedule.
- The price can move away from $100. STRC is perpetual, with no maturity date that returns your $100, so a sale is at the market price.
- It is tied to one company's Bitcoin strategy. Seniority sits behind STRF and any debt. Strategy holds a USD Reserve for dividends, but the issuer's finances still matter.
None of this is advice; read the prospectus on SEC EDGAR before investing.
Track it live
The STRC Tracker dashboard shows the live STRC price, dividend and effective yield, ATM volume, and the weekly Bitcoin accumulation it funds — every weekly total reconciled against Strategy's SEC 8-K filings. Work out your own income with the STRC calculator, see every rate reset since launch, or read how the estimates are calculated.
