The Biggest Preferred Stock Launches by Bitcoin Companies
Companies that hold bitcoin as their main asset have found a new way to raise cash for it: perpetual preferred stock, which pays investors a steady dividend and never has to be paid back. Strategy started the trend in January 2025 and has launched five of these shares since. Together the nine launched at about $6.82 billion. The biggest, Strategy’s STRC, started at $2.80 billion and had $9.46 billion outstanding on Sept 15, 2026; Strive’s SATA has grown the most, to 6.47 times its launch size.
Pictured: Strategy’s Michael Saylor and CEO Phong Le presenting the STRC IPO in July 2025. STRC is #1, with $2.80 billion at launch.
Rank
Preferred (name)
Issuer (ticker)
Currency
Launched
Size at launch (US$ millions)
Sold at (per share)
Dividend at launch (a year)
Outstanding now
Growth since launch
1
STRC (Stretch)
Strategy (MSTR)
USD
Jul 24, 2025
2,801.1
$90 of $100
9.00%, monthly
$9,455.8M (Sept 15, 2026)
3.38×
2
STRD (Stride)
Strategy (MSTR)
USD
Jun 5, 2025
1,176.5
$85 of $100
10.00%, quarterly
$1,402.4M (Sept 15, 2026)
1.19×
3
STRE (Stream)
Strategy (MSTR)
EUR
Nov 6, 2025
893.9
€80 of €100
10.00%, quarterly
€775.0M (Sept 15, 2026)
1.00×
4
STRF (Strife)
Strategy (MSTR)
USD
Mar 20, 2025
850.0
$85 of $100
10.00%, quarterly
$1,284.0M (Sept 15, 2026)
1.51×
5
STRK (Strike)
Strategy (MSTR)
USD
Jan 30, 2025
730.0
$80 of $100
8.00%, quarterly
$1,402.1M (Sept 15, 2026)
1.92×
6
SATA (Variable Rate Series A)
Strive (ASST)
USD
Nov 5, 2025
200.0
$80 of $100
12.00%, monthly
$1,294.1M (Sept 30, 2026)
6.47×
7
MERCURY (Class B preferred)
Metaplanet (3350)
JPY
Nov 20, 2025
149.8
¥900 of ¥1,000
4.90%, quarterly
¥23.61B (Sept 30, 2026)
1.00×
8
MORE (Preferred share)
The Smarter Web Company (SWC)
GBP
Oct 9, 2026
14.7
£90 of £100
12.00%, weekly
£11.1M (from Oct 14, 2026)
—
9
BTC PREF (Preference A share)
B Treasury Capital AB (BTC B)
SEK
Dec 23, 2025
0.8
SEK 120 of SEK 120
10.00%, monthly
SEK 19.5M (Oct 12, 2026)
2.69×
No matching rows.
How this list works. A preferred stock (a preference share in the UK and Sweden) pays a set dividend and gets paid ahead of ordinary shareholders, but behind lenders, if the company is wound up. All of these are perpetual: they never mature. Launches are ranked by their size at launch: the number of shares sold in the first offering times each share’s stated amount ($100, €100, ¥1,000, £100 or SEK 120), in US dollars. That is not what investors paid. Most were sold at a discount, shown in the “Sold at” column. Non-dollar launches are converted at the European Central Bank’s reference rate on the day they were priced, except STRE, which uses the rate in Strategy’s own filing.[2] “Dividend at launch” is the rate and payment schedule each share started with; STRC, SATA and MORE have variable rates, and STRC’s and SATA’s have changed since. “Outstanding now” uses the same stated-amount measure at the date shown, in the share’s own currency, and “Growth since launch” divides it by the launch size; most issuers have kept selling more shares on the market since launch. Preferreds that weren’t sold to fund a bitcoin treasury, and ones only announced but not yet issued, aren’t ranked. Where the data comes from: the launches, sizes and current amounts are from Bittery’s ranking of the largest bitcoin-backed preferred stock launches (data as of October 12, 2026), which traces every figure to the issuers’ filings.[1] The sale prices and launch dividends are from those filings, linked below. This list is for information only, not investment advice.
The Top 9
#1
Strategy’s STRC (“Stretch”) — $2.80 billion
Strategy, the company once called MicroStrategy and the world’s biggest corporate owner of bitcoin, can change the dividend rate on “Stretch” every month. Its IPO was priced on July 24, 2025: 28,011,111 shares at $90, raising $2.521 billion.[3] When the deal closed, Strategy called it the largest US IPO of 2025 so far.[4] STRC started with a 9% annual dividend paid monthly; on September 30, 2026 Strategy kept it at 12% from mid-October.[5] On October 28, 2026 Strategy’s shareholders vote on paying STRC’s dividend every day, starting November 2.[6] The video is Strategy’s own launch presentation.
Now: $9,455.8M outstanding on Sept 15, 2026, 3.38 times its size at launch.[1]
#2
Strategy’s STRD (“Stride”) — $1.18 billion
Strategy priced “Stride” on June 5, 2025: 11,764,700 shares at $85, raising $500 short of $1 billion.[7] STRD pays 10% a year, but it carries more risk than Strategy’s other preferreds: it ranks below all of them, and its dividends are not cumulative, so a payment Strategy skips is never owed later.[8]
Now: $1,402.4M outstanding on Sept 15, 2026, 1.19 times its size at launch.[1]
Strategy’s first preferred in euros, and the first launch on this list outside the US. It sold 7,750,000 shares at €80 on November 6, 2025, raising €620.0 million, or $715.1 million at the rate in its filing. Each share has a €100 stated amount and pays 10% a year, quarterly, in euros.[9] STRE is listed on the Luxembourg Euro MTF market rather than on Nasdaq, and it isn’t part of Strategy’s plan to move its other preferreds to daily dividends.[6]
Now: €775.0M outstanding on Sept 15, 2026, unchanged since launch.[1]
#4
Strategy’s STRF (“Strife”) — $850 million
“Strife” is the senior one: if Strategy were ever wound up, STRF holders would be paid before every other Strategy preferred.[8] Its IPO was priced on March 20, 2025, at 8,500,000 shares for $85 each, $722.5 million in all.[10] It pays a fixed 10% a year, quarterly, and its dividends are cumulative: any payment that is missed is still owed.[8]
Now: $1,284.0M outstanding on Sept 15, 2026, 1.51 times its size at launch.[1]
#5
Strategy’s STRK (“Strike”) — $730 million
The one that started it all. Priced on January 30, 2025, STRK was the first of these preferreds: 7,300,000 shares at $80, raising $584.0 million.[11] At 8% a year, it pays the lowest dividend of Strategy’s preferreds, because it comes with an extra: each share can be converted into a tenth of a share of Strategy’s common stock. It is also the only one whose dividends Strategy may pay in shares instead of cash.[8]
Now: $1,402.1M outstanding on Sept 15, 2026, 1.92 times its size at launch.[1]
#6
Strive’s SATA — $200 million
Strive, an asset manager that turned itself into a bitcoin treasury company in 2025, was the first issuer on this list other than Strategy to launch one. Its variable-rate Series A preferred was priced on November 5, 2025, and the deal grew from 1,250,000 shares to 2,000,000, sold at $80 each for $160 million.[12][13] It started at 12% a year, paid monthly. Since June 16, 2026 it has paid every business day instead,[14] and in September Strive kept its rate at 13% for October.[15] The video is Strive’s own presentation of the offering.
Now: $1,294.1M outstanding on Sept 30, 2026, 6.47 times its size at launch.[1]
Metaplanet, a former Tokyo budget-hotel company that is now the biggest corporate bitcoin holder outside the US (see The Companies That Own the Most Bitcoin), took a different route. It didn’t sell its Class B preferred, which it calls MERCURY, to the public. Instead, on November 20, 2025, it agreed to place 23,610,000 shares with six institutional investors outside Japan, at ¥900 each against a ¥1,000 liquidation preference, ¥21.249 billion in all. MERCURY pays 4.9% a year, quarterly, the lowest rate on this list.[16] It isn’t listed, but Metaplanet says it has started talks with the Tokyo Stock Exchange about a listing.[17]
Now: ¥23.61B outstanding on Sept 30, 2026, unchanged since launch.[1]
#8
The Smarter Web Company’s MORE — £11.1M (about $14.7 million)
The newest launch, and the first in pounds. The Smarter Web Company, a UK web-services business that holds bitcoin, opened its offer on September 29, 2026 at £90 for each £100 share. It hoped for £15 million to £25 million, and needed at least £10 million to go ahead.[18] When the offer closed on October 9 it had just reached that minimum, £10.0 million, £7.6 million of it from retail investors, for 111,112 shares. MORE pays a variable dividend every week, starting at 12% a year; the first payment, £0.2301 a share, is due by November 9. Trading on the London Stock Exchange’s Main Market is due to start on October 14, 2026.[19] CEO Andrew Webley explains the plan in the podcast above.
Now: £11.1M outstanding from Oct 14, 2026, the same as at launch.[1]
The smallest launch comes from Sweden. On December 23, 2025, B Treasury Capital AB sold 60,400 preference A shares at SEK 120 each to a group of outside investors, about SEK 7.2 million in all. Each share pays SEK 1 a month, 10% a year, and unpaid amounts carry over.[20] A rights issue for the company’s own shareholders in July 2026 took the total to 162,425 shares,[21] and they were due to start trading on Sweden’s Spotlight Stock Market on July 20, 2026.[22]
Now: SEK 19.5M outstanding on Oct 12, 2026, 2.69 times its size at launch.[1]
Bittery, “The Largest Bitcoin-Backed Preferred Stock Launches” (data as of October 12, 2026; source of every launch size, current amount and growth figure in the table, each traced there to the issuer’s filings) — https://bittery.io/posts/largest-bitcoin-preferred-launches.
European Central Bank, euro foreign exchange reference rates (USD, GBP, JPY, SEK), as used by Bittery — https://data.ecb.europa.eu/.
