Strategy (MSTR) · updated 2026-10-19 18:08 UTC · prices delayed
STRD pays a fixed 10% a year, quarterly, but it's non-cumulative: if Strategy's board skips a dividend, it's gone for good. It's the most junior of Strategy's US preferreds, ranking behind STRF, STRC and STRK. It isn't convertible.
Key risk: A skipped dividend is never made up.
| Issuer | Strategy (MSTR) (BTC-backed) |
| Dividend rate | 10.00% fixed |
| Pays | Quarterly |
| Stated amount | $100 |
| Cumulative | No |
| Last price (delayed) | $71.12 |
| Effective yield | 14.06% |
| Next payment | $2.50/sh paid 2026-12-31 (record 2026-12-15; expected) |
| Tax character | ROC expected |
Strategy (MSTR) pays about $1.50B a year across its preferreds (STRC, STRF, STRK, STRD, STRE). Its treasury of 848,517 BTC (as of 2026-10-18) is worth about $69.59B, which is roughly 46.4 years of BTC coverage and a 2.15% yearly breakeven BTC return. Cash coverage comes from two separate pools, shown side by side: the USD Reserve of $4.83B (as of 2026-10-18) covers about 39 months of preferred dividends, and USD Cash of $447.3M (as of 2026-10-18) covers about 4 months. These measures are never added to each other or to the treasury figure.
Coverage = treasury value ÷ annual preferred dividends. Holdings source.
What is STRD's dividend?
STRD pays a 10.00% annual dividend rate (fixed) on its $100 stated amount, paid quarterly. At the last price of $71.12 that is an effective yield of 14.06%.
Is STRD cumulative?
No. Unpaid dividends do not accrue.
How well covered is STRD's dividend?
Strategy (MSTR)'s BTC treasury covers about 46.4 years of its annual preferred dividends at current prices (treasury value ÷ annual preferred dividends).
Effective yield = rate × stated amount ÷ price. Prices: Yahoo Finance (delayed). Crypto: CoinGecko. Terms, shares and holdings: issuer SEC filings. PrefWatch is independent and not affiliated with any issuer. Not investment advice.
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