Perpetual Preferred
Fixed-income instrument with no maturity that pays a fixed dividend, ranking ahead of common shareholders.
Definition
A perpetual preferred (perpetual preferred stock) is a hybrid financial instrument that shares characteristics of both debt and equity. It pays a predetermined fixed dividend (like Strategy's STRK at 8% or STRF at 10%), ranks ahead of common shareholders for dividends and in a liquidation, but has no maturity date ('perpetual'). Some are convertible into common shares. For investors in Bitcoin treasury companies, preferreds offer fixed income with indirect exposure to the BTC balance sheet.
In Context
STRK (8%), STRF (10%), STRC (12%) and STRD (10%) are Strategy's preferreds listed on Nasdaq; SATA (13%) is Strive's.
SATA trades at $95.50 today — 4.5% below its $100 par
Strive's perpetual preferred is designed to trade pinned to $100: the distance to par moves its effective yield in the opposite direction.
Related Terms
Mentioned in
- BlogSTRC vs SATA: which Bitcoin preferred pays more — and which held up better? (July 2026)
- BlogBitcoin preferred stocks: what they are, how they work and who issues them (2026 guide)
- NewsStrategy's (STRC) and Strive's (SATA) preferreds fall well below par value
- BlogMicroStrategy's balance-sheet strategy: Strategy's financial engineering explained
- BlogBitcoin dividends: how to generate income with BTC exposure (2026)
- BlogSTRC and the rise of Digital Credit: Strategy's monthly preferred comes to the blockchain
- NewsStrategy approaches one million Bitcoin: the math of a target now within reach
- BlogStrategy's perpetual preferreds: fixed income with indirect Bitcoin exposure
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