Bitcoin Q’s.

STRC and STRF are both Strategy preferred shares, but STRC has a variable dividend rate and ranks below STRF within the preferred stack. STRF has a fixed base dividend and specific missed-payment protections, including rate step-ups and governance provisions. Both are cumulative and both remain exposed to Strategy's finances.

STRC's rate policy seeks to influence trading around its stated amount; it does not guarantee that price or make the investment a deposit. STRF's fixed payments can make its price sensitive to changes in market yields and credit concerns. Neither preferred is secured by Strategy's Bitcoin. Compare purchase price, seniority, call terms and your need to access capital, as well as the displayed income. Payment schedules should be checked separately because they have changed.

The four shares offer different legal rights, not merely different yields. STRF is the most senior Strategy preferred, with cumulative fixed-base dividends and missed-payment provisions. STRC is a cumulative variable-rate preferred below STRF. STRK is cumulative and convertible into MSTR common stock. STRD is non-cumulative and the most junior of these preferreds.

STRE also exists in Strategy's capital structure, ranking between STRC and STRK in the disclosed preferred liquidation order. Creditors remain ahead of preferred equity. STRK's conversion option creates potential common-equity upside, whereas a high current yield on another series can reflect a depressed market price and greater perceived risk. None provides direct ownership of the underlying Bitcoin or a guaranteed return of your purchase price.

STRC is issued by Strategy; SATA and SATS are issued by Strive. Choosing between them changes the company whose assets, liabilities, governance and access to financing support your investment. It is not simply a choice among interchangeable Bitcoin interest rates.

Within Strive, SATA is senior to SATS. STRC's priority must instead be assessed within Strategy's separate stack, where STRF ranks ahead of it. Compare each issuer's cash resources, claims senior to your class, dividend commitments, debt maturity schedule and financing policy using the same date. STRC and SATA have variable-rate mechanisms; SATS has fixed regular dividend terms. Price-stability objectives are not guarantees, and none of these preferreds gives you a secured claim on particular Bitcoin holdings.

SATA and SATS are both Strive perpetual preferred shares, but SATA ranks senior to SATS and has a variable dividend rate. SATS has fixed regular dividend terms. Both are cumulative, although their detailed treatment of unpaid dividends and other protections differs.

Strive describes SATA's price-stability range as an objective. SATS has no corresponding target trading range, so a fixed cash amount does not imply a fixed resale value. A higher current yield can reflect buying at a discount and accepting junior credit exposure. Check the amended certificates and current declarations for payment mechanics, rate restrictions and redemption rights. Neither security is a bank deposit, a Treasury bill or a secured claim on Strive's Bitcoin, and a dividend reserve does not eliminate issuer risk.

STRK combines preferred-share rights with an option to convert into MSTR common shares. Its value can therefore respond to both the income and credit characteristics of the preferred and the value of the conversion opportunity. The issuer's published ratio checked on 8 November 2026 is 0.1 MSTR share per STRK share, subject to the governing adjustment provisions.

That ratio is not a promise that conversion will be profitable. Compare the common shares received with the market value and rights surrendered, including future preferred dividends and priority. MSTR can fall, and conversion can change your position in the capital structure. STRK dividends may also be paid in common shares under its terms. Evaluate the complete contract rather than treating STRK as a guaranteed bond plus free upside.

STRD's non-cumulative structure means an undeclared dividend for an omitted period generally does not accumulate for later recovery. If the board resumes dividends, shareholders cannot assume the skipped amounts must first be paid. This is a material distinction from cumulative preferreds.

It does not mean every payment can be treated identically: a dividend already declared has a different legal status, and the certificate governs. STRD also ranks below Strategy's other named preferred classes. A higher current yield may compensate for these weaker rights and a lower market price; it does not repair them. When assessing income reliability, model a period with no payment and a fall in resale value rather than assuming the indicated annual dividend is a contractual cash guarantee.

The issuers set the rates under their respective governing documents; an exchange or broker does not set them. Strategy reviews STRC's variable rate monthly, while Strive can adjust SATA's rate for subsequent dividend periods subject to its contractual restrictions. Dividend declarations and rate-setting are related but distinct decisions.

The documents contain limits on reductions and conditions involving reference rates or unpaid dividends; the exact provisions differ and can be amended through the applicable process. Do not assume a fixed spread over SOFR or an automatic increase whenever the market price falls. Published price objectives and management policies do not guarantee a particular price or future rate. Use the current certificate, amendment history and dated declaration for the period you are evaluating.

As of 8 November 2026, STRC has moved to daily accrual, with cash paid on business days; SATA also has a business-day dividend schedule. SATS's declared first payment is 9 November, followed by its declared business-day installments. STRF, STRK and STRD are scheduled to move to daily dividends from 1 January 2027, so they should not yet be described as paying daily.

Accrual calculates an entitlement; a record date identifies eligible holders; a payment date is when the issuer distributes it. These are not interchangeable. Strategy's calendar-day accrual and Strive's monthly amounts divided across eligible business-day payments use different mechanics. Broker posting and settlement determine when cash appears and becomes usable in an individual account. Weekends, holidays, trade settlement and reinvestment settings matter. Check the dated declaration and your broker's handling rather than assuming cash arrives every calendar day.

STRC and SATA are not equivalent replacements for cash savings or Treasury bills. They are perpetual corporate preferred shares whose prices and dividends depend on their issuers. They can trade below the amount you paid, and neither the stated amount nor a price-stability objective guarantees an exit price.

Emergency money has a different job: being available when needed without requiring a favorable market sale. Eligible insured deposits have a specific protection framework; Treasury bills have defined maturities and U.S. government payment obligations, although selling before maturity exposes you to market prices. These preferreds have neither the same protections nor a scheduled maturity. Compare capital access, credit risk and the consequences of a drawdown before comparing income percentages.

A sharp Bitcoin fall can reduce the asset value supporting a treasury company and weaken confidence in its preferreds. A refinancing shutdown can separately make it harder to replace maturing debt, replenish cash reserves or fund dividends. The two stresses can occur together.

Potential responses include using reserves, selling assets, raising more expensive capital, reducing permitted variable rates or deferring dividends subject to the relevant terms. Market prices can fall before a payment is actually missed. Cumulative status preserves specified arrears rights but does not create cash or guarantee recovery. Stress-test the cash runway, debt maturities, senior claims and possible asset sales; a coverage ratio calculated using today's Bitcoin price is not a prediction of survival in a prolonged downturn.