Michael Saylor has returned with a new crypto-powered innovation: a preferred stock that serves as both an investment in Bitcoin and a means of generating income. The company that used to be called MicroStrategy just released its third Bitcoin-backed preferred stock, STRD, and it’s already making waves on Nasdaq.
Saylor’s Signature Move: The Bitcoin-Backed Bond Alternative
Trading under the ticker $STRD, Strategy’s newest product opened on Nasdaq on June 11 at $85 and quickly rose to almost $90. This non-cumulative, 10% dividend-yielding perpetual preferred stock allows investors to invest in Bitcoin without actually owning it.
What is the goal? Get close to $1 billion to buy more Bitcoin. Saylor is doubling down on his claim that Bitcoin is the best treasury asset. Strategy already has more than 580,000 BTC, which is worth about $60 billion. STRD builds on the success of its earlier offerings, STRK and STRF, by boosting its public offering from $250 million to nearly a billion dollars, indicating significant investor interest.
Unlike other fixed-income securities, STRD doesn’t promise dividends. Payments are “if and when declared,” which means this is a high-yield play with low risk. In other words, it’s lower than STRK and STRF, so investors are last in line for payments if things go wrong but first in line for profits if Bitcoin keeps going up.
A New Type of Asset for the Bitcoin Generation
The structure of STRD is not the only thing that makes it special; its purpose is too. It’s a financial tool that shows crypto trends and drives them. Saylor has created a legal and strategic loop by turning traditional capital market interest into Bitcoin acquisition capital. The process allows him to raise money, buy Bitcoin, and then raise more money, all backed by the new BTC on the books.
He announced this on X (formerly Twitter) with the following post.
$STRD begins trading on Nasdaq today. It’s the third in our series of Bitcoin-backed preferred stocks—designed for fixed income, secured by BTC, and issued by @Strategy.
— Michael Saylor (@saylor) June 11, 2025
This model attracts three distinct categories of investors.
- Yield-seekers who want double-digit dividends without jumping into volatile crypto tokens.
- Crypto believers see this as a regulated, asset-backed way to gain Bitcoin exposure.
- Wall Street pros exploring risk-adjusted, non-traditional paths to alpha.
This launch is also in line with the Strategy’s recent pattern. The company bought another 1,045 BTC for $110 million just days before STRD’s launch. Every move is planned to get more satoshis, which turns public markets into a machine for collecting crypto.
STRD has its benefits, but it also has some risks. Dividends aren’t guaranteed, and if the market goes down, STRD holders might not get as much as STRK and STRF investors. Still, the market has spoken: early STRD performance and demand both point to growing confidence.
As Strategy moves from software to a “Bitcoin Treasury 2.0,” STRD is more than just a stock; it’s a financial philosophy that combines crypto with Wall Street and turns traditional income tools into something bolder.
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