Snapshot dated April 24, 2026•How we review•Disclosure•Compare Digital Credit
Ranked list
Digital Credit
Reviewed category

Digital credit ranked by risk

Start with the table. It keeps backing, yield treatment, liquidity, and exit risk visible before any provider click.

Market-cap rank is only an ordering device; product structure decides the risk.Listed preferred shares stay inside Digital Credit reviews; borrowing against BTC is a different financial job.

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Comparison table

Compare the products side by side

Start here: product, backing shape, yield treatment, and exit risk before any provider click.

Dividend-backedYield-bearing option$9.0B

Strategy STRC

Structure

Variable-rate perpetual preferred stock

Backing

Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a variable 12.00% annual dividend (current; rate is set at Strategy’s discretion with a Monthly SOFR floor, paid semi-monthly).

Yield setup

STRC base dollar only

Exit path

Brokerage-traded Nasdaq preferred with the deepest Digital Credit liquidity. ~$115M avg daily volume (8/21/26); large ATM program (up to $21B authorized) funds BTC accumulation.

Slow down on

Issuer credit, issuer-discretionary rate reset (with SOFR floor), market-price volatility, ~13 months of operating history (issued July 2025), no direct BTC collateral. STRC is 3rd of 6 claims. It ranks behind debt and STRF.

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Dividend-backedYield-bearing option$1.3B

Strive SATA

Structure

Variable-rate perpetual preferred stock

Backing

Preferred claim on Strive, Inc., whose treasury strategy holds 29,462 BTC and $284.7 million cash as of October 2, 2026 (Form 8-K filed October 5, 2026); dividend reference is a 13.00% variable annual rate.

Yield setup

SATA base dollar only

Exit path

Brokerage-traded Nasdaq preferred; thinner public-market history than Strategy’s STRC and a smaller float.

Slow down on

Issuer credit, dividend policy, smaller-issuer concentration, market-price volatility, and no direct BTC collateral claim.

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Dividend-backedYield-bearing option$1.3B

Strategy STRF

Structure

Senior perpetual preferred stock

Backing

Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% fixed annual dividend.

Yield setup

STRF base dollar only

Exit path

Brokerage-traded Nasdaq preferred with senior-most Strategy preferred framing.

Slow down on

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.

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Dividend-backedYield-bearing option$1.1B

Strategy STRK

Structure

Convertible perpetual preferred stock

Backing

Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is an 8.00% fixed annual dividend.

Yield setup

STRK base dollar only

Exit path

Brokerage-traded Nasdaq preferred with common-equity conversion exposure.

Slow down on

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 preferred. Dividends are cumulative (unlike STRD); in the waterfall STRK sits above STRD but below STRF, STRC, and STRE.

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Dividend-backedYield-bearing option$1.0B

Strategy STRD

Structure

Long-duration high-yield preferred stock

Backing

Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% annual dividend.

Yield setup

STRD base dollar only

Exit path

Brokerage-traded Nasdaq preferred with higher-yield, longer-duration framing.

Slow down on

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.

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Dividend-backedYield-bearing option€612.3M

Strategy STRE

Structure

Euro-denominated perpetual preferred stock

Backing

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.

Yield setup

STRE base dollar only

Exit path

LuxSE-listed preferred exposure with EUR denomination and thinner public product history.

Slow down on

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.

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Product filters

Filter by structure without inventing a fake score

These chips are just a way to separate product shapes. They do not change the underlying rank logic, which still stays tied to the dated market-cap snapshot.

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Showing 6 of 6 digital credit products with the current filter mix.

#1Dividend-backedYield-bearing optionSTRC

Strategy STRC

STRC is a listed Strategy preferred security, not a stablecoin or a redeemable Bitcoin product.

Best fitHolders who want the deepest-liquidity, most-traded preferred in the Strategy stack.

Backing
Dividend-backed

Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a variable 12.00% annual dividend (current; rate is set at Strategy’s discretion with a Monthly SOFR floor, paid semi-monthly).

Yield layer
No separate wrapper

No separate wrapper carries the distinct yield layer.

Exit path
How you unwind matters

Brokerage-traded Nasdaq preferred with the deepest Digital Credit liquidity. ~$115M avg daily volume (8/21/26); large ATM program (up to $21B authorized) funds BTC accumulation.

Model
Variable-rate perpetual preferred stock
Primary rails
Nasdaq / public securities markets
Yield path
STRC is a cash-dividend preferred security with semi-monthly cash dividend (the board’s switch to twice-monthly payments took effect July 1, 2026; the June 2026 shareholder vote approved it) payments when declared or accrued under the product terms.
Be careful if
You want a fixed, predictable coupon rather than an issuer-reset rate.
#2Dividend-backedYield-bearing optionSATA

Strive SATA

SATA is a listed Strive preferred security, not a stablecoin or a redeemable Bitcoin product.

Best fitReaders comparing public-market Digital Credit preferreds across issuers, not only within the Strategy stack.

Backing
Dividend-backed

Preferred claim on Strive, Inc., whose treasury strategy holds 29,462 BTC and $284.7 million cash as of October 2, 2026 (Form 8-K filed October 5, 2026); dividend reference is a 13.00% variable annual rate.

Yield layer
No separate wrapper

No separate wrapper carries the distinct yield layer.

Exit path
How you unwind matters

Brokerage-traded Nasdaq preferred; thinner public-market history than Strategy’s STRC and a smaller float.

Model
Variable-rate perpetual preferred stock
Primary rails
Nasdaq / public securities markets
Yield path
SATA is a cash-dividend preferred security paid daily (per business day) since Jun 16, 2026, at a 13.00% headline annualized rate.
Be careful if
You want redeemable onchain dollars rather than brokerage-traded preferred shares.
#3Dividend-backedYield-bearing optionSTRF

Strategy STRF

STRF is a listed Strategy preferred security, not a stablecoin or a redeemable Bitcoin product.

Best fitHolders who want the senior-most claim in the Strategy preferred stack (#1 in the waterfall).

Backing
Dividend-backed

Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% fixed annual dividend.

Yield layer
No separate wrapper

No separate wrapper carries the distinct yield layer.

Exit path
How you unwind matters

Brokerage-traded Nasdaq preferred with senior-most Strategy preferred framing.

Model
Senior perpetual preferred stock
Primary rails
Nasdaq / public securities markets
Yield path
STRF is a cash-dividend preferred security with quarterly cash dividend payments when declared or accrued under the product terms.
Be careful if
You want the highest effective yield — seniority here comes with the lowest yield of the high-coupon series.
#4Dividend-backedYield-bearing optionSTRK

Strategy STRK

STRK is a listed Strategy preferred security, not a stablecoin or a redeemable Bitcoin product.

Best fitHolders who want MSTR equity upside through the conversion feature, plus an 8% coupon while held.

Backing
Dividend-backed

Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is an 8.00% fixed annual dividend.

Yield layer
No separate wrapper

No separate wrapper carries the distinct yield layer.

Exit path
How you unwind matters

Brokerage-traded Nasdaq preferred with common-equity conversion exposure.

Model
Convertible perpetual preferred stock
Primary rails
Nasdaq / public securities markets
Yield path
STRK is a cash-dividend preferred security with quarterly cash dividend payments when declared or accrued under the product terms.
Be careful if
You want pure, stable fixed income — the conversion option makes STRK the most equity-like and volatile preferred.
#5Dividend-backedYield-bearing optionSTRD

Strategy STRD

STRD is a listed Strategy preferred security, not a stablecoin or a redeemable Bitcoin product.

Best fitYield-seekers who want the highest fixed coupon in the stack (10% on par) and accept the risk that comes with it.

Backing
Dividend-backed

Preferred claim on Strategy, whose treasury strategy is centered on Bitcoin accumulation; dividend reference is a 10.00% annual dividend.

Yield layer
No separate wrapper

No separate wrapper carries the distinct yield layer.

Exit path
How you unwind matters

Brokerage-traded Nasdaq preferred with higher-yield, longer-duration framing.

Model
Long-duration high-yield preferred stock
Primary rails
Nasdaq / public securities markets
Yield path
STRD is a cash-dividend preferred security with quarterly cash dividend when declared payments when declared or accrued under the product terms.
Be careful if
You cannot accept a skipped dividend being permanently lost (non-cumulative, no make-whole).
#6Dividend-backedYield-bearing optionSTRE

Strategy STRE

STRE is a listed Strategy preferred security, not a stablecoin or a redeemable Bitcoin product.

Best fitEuro-based investors who want a euro-denominated, euro-settled (Euroclear/Clearstream) preferred dividend.

Backing
Dividend-backed

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.

Yield layer
No separate wrapper

No separate wrapper carries the distinct yield layer.

Exit path
How you unwind matters

LuxSE-listed preferred exposure with EUR denomination and thinner public product history.

Model
Euro-denominated perpetual preferred stock
Primary rails
LuxSE / Euro MTF — EUR-denominated, settled in euros via Euroclear/Clearstream
Yield path
STRE is a cash-dividend preferred security with preferred-stock dividend payments when declared or accrued under the product terms.
Be careful if
You are a USD holder — both the dividend and the €100 liquidation preference are euro-denominated, so you bear FX on both.
Market map

Size and structure, without pretending bigger means safer

These charts show where the dated market-cap snapshot is concentrated. Every product in the published set is a listed preferred share.

Where the published size actually sits

Longer bars mean more supply in the dated snapshot. That helps explain the order without pretending bigger means safer, cleaner, or a better fit.

Largest reviewed snapshot: $9.0B

STRC
$9.0B
SATA
$1.3B
STRF
$1.3B
STRK
$1.1B
STRD
$1.0B
STRE
€612.3M

How the published set splits by design

The mix matters because these products do not all work the same way. That is why the ranking should lead into reviews, not replace them.

6 names have a separate yield layer today

Reserve-backed
0 names
Dividend-backed
6 names
Yield option
6 names
Base-dollar first
0 names
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