MicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock

Strategy Inc (formerly MicroStrategy) operates as a Bitcoin Treasury Company. Its primary business is acquiring and holding bitcoin, with approximately 848,517 BTC held as of October 25, 2026. It funds those holdings through capital markets activity, including at-the-market sales of MSTR class A common stock, convertible notes, and a family of perpetual preferred 'Digital Credit' securities: STRF, STRC (variable-rate Stretch Preferred), STRK, STRD, and the euro-denominated STRE listed on LuxSE. These instruments give investors varying degrees of economic exposure to bitcoin. Following shareholder approval in October 2026, they are moving to daily dividend accrual. The company carries bitcoin at fair value under ASU 2023-08, so quarterly earnings swing with bitcoin's price. It maintains a USD Reserve and USD Cash to cover preferred dividends and interest, and it has board authorization to sell bitcoin to fund dividends, interest and repurchases. It runs repurchase programs for both its Digital Credit securities and MSTR common stock. Strategy also operates an AI-powered enterprise analytics software business under the MicroStrategy brand. That business generates revenue from cloud subscription services, product licenses, product support and consulting/education services, and is in an ongoing transition from perpetual licenses to cloud subscriptions. Updated Oct 29, 2026