| Strategy STRC Dividend-backedYield-bearing option $10.4B snapshot | 7.9/10 | Variable-rate perpetual preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a variable 11.50% annual dividend (current; rate is set monthly at Strategy’s sole discretion with a Monthly SOFR floor). | STRC base dollar only | Brokerage-traded Nasdaq preferred with the deepest Digital Credit liquidity. ~$337M avg daily volume; $17.5B ATM capacity remaining (May 2026). | Issuer credit, issuer-discretionary rate reset (with SOFR floor), market-price volatility, only ~10 months of operating history (issued July 2025), no direct BTC collateral. Ranks #2 in Strategy’s preferred waterfall (junior to STRF, senior to STRE/STRK/STRD). |
| Strategy STRF Dividend-backedYield-bearing option $1.3B snapshot | 7.8/10 | Senior perpetual preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% fixed annual dividend. | STRF base dollar only | Brokerage-traded Nasdaq preferred with senior-most Strategy preferred framing. | Issuer credit and fixed-rate, long-duration price sensitivity (no $99–101 price collar). Per its Certificate of Designation, STRF is the senior-most series (a majority-consent covenant blocks senior issuance), is cumulative, and accrues compounded penalty dividends up to 18% on any unpaid amount; its liquidation preference floats above the $100 stated amount. |
| Strategy STRD Dividend-backedYield-bearing option $1.0B snapshot | 7.4/10 | Long-duration high-yield preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% annual dividend. | STRD base dollar only | Brokerage-traded Nasdaq preferred with higher-yield, longer-duration framing. | Non-cumulative dividend risk — per its Certificate of Designation a skipped STRD dividend is permanently lost (no accrual or make-whole), though STRD carries its own dividend stopper. Junior in the waterfall (below STRK and STRF), issuer credit, and deeper price sensitivity under stress. |
| Strategy STRK Dividend-backedYield-bearing option $1.0B snapshot | 7.4/10 | Convertible perpetual preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is an 8.00% fixed annual dividend. | STRK base dollar only | Brokerage-traded Nasdaq preferred with common-equity conversion exposure. | Issuer credit plus an embedded, holder-optional MSTR equity-conversion option — a fixed 0.1000 conversion rate (≈$1,000 conversion price on the $100 stated amount) per its Certificate of Designation — so its price carries equity-like volatility and is not a low-volatility dollar product. |
| Strategy STRE Dividend-backedYield-bearing option $620.0M snapshot | 7.0/10 | Euro-denominated perpetual preferred stock | Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% annual dividend on a EUR stated amount. | STRE base dollar only | LuxSE-listed preferred exposure with EUR denomination and thinner public product history. | Issuer credit plus genuine EUR/USD currency risk: per its Certificate of Designation both the dividend and the €100 liquidation preference are euro-denominated (settled via Euroclear/Clearstream), so a USD holder bears FX on both. Cumulative; junior to STRF and STRC; thin venue and liquidity as the newest series. |
| Strive SATA Dividend-backedYield-bearing option $496.0M snapshot | 7.2/10 | Variable-rate perpetual preferred stock | Preferred claim on Strive, Inc., whose treasury strategy holds ~15,009 BTC plus cash and Strategy preferred securities; dividend reference is a 13.00% variable annual rate. | SATA base dollar only | Brokerage-traded Nasdaq preferred; thinner public-market history than Strategy’s STRC and a smaller float. | Issuer credit, dividend policy, smaller-issuer concentration, market-price volatility, and no direct BTC collateral claim. |
| Apyx apxUSD Dividend-backedYield-bearing option $191.9M snapshot | 5.7/10 | Overcollateralized dividend-backed stablecoin | Offchain STRC-style preferred-share collateral with protocol overcollateralization. | apxUSD base + apyUSD wrapper | You may need issuer-specific redemption or secondary liquidity to exit. | Offchain custody, partner dependency, and policy-based peg behavior. |
| River satUSD Reserve-backedYield-bearing option ~$158.4M (est.) snapshot | 6.2/10 | Overcollateralized omni-CDP stablecoin | BTC plus ETH, BNB, and LST collateral inside a cross-chain CDP system. | satUSD base + satUSD+ wrapper | Redeemable for collateral, but still dependent on bridge, oracle, and liquidation plumbing. | Mixed collateral and cross-chain complexity can matter more than the headline peg. |
| Hermetica USDh Reserve-backedYield-bearing option $9.4M snapshot | 6.2/10 | Bitcoin-backed synthetic dollar | Spot BTC paired with a short perpetual hedge to maintain dollar exposure. | USDh base + sUSDh wrapper | Synthetic-dollar exit path depends on exchanges, hedges, and reserve-fund operations. | Exchange, hedge-execution, and funding-rate dependence are central risks. |
| Apyx apyUSD Dividend-backedYield-bearing option Not published snapshot | 5.2/10 | ERC-4626 yield-bearing Digital Credit vault token | Underlying apxUSD plus Apyx collateral stack tied to DAT preferred-share dividend flows. | apxUSD base + apyUSD wrapper | Redeem to apxUSD through an asynchronous request, cooldown, and claim process. | Yield-wrapper liquidity, cooldown timing, jurisdiction restrictions, and offchain collateral dependence. |
| Saturn sUSDat Dividend-backedYield-bearing option Not published snapshot | 4.9/10 | STRC-backed staked dollar yield wrapper | Saturn says sUSDat is backed 100% by Digital Credit, specifically STRC. | USDat base + sUSDat wrapper | Exit depends on unstaking, Saturn app mechanics, and available USDat or market liquidity. | Wrapper risk, STRC exposure, app dependency, and less mature public proof than direct Strategy securities. |