Skip to content
New Episodes on X & YouTube

Part of Digital Credit

STRC — Strategy Preferred Equity

STRC is Strategy's preferred equity instrument, offering exposure to Bitcoin treasury returns through a structured product with defined dividend characteristics. Track our analysis, risk models, and coverage.

66 episodes · 20 research pieces

STRC is a preferred equity instrument issued by Strategy.

True North has covered STRC extensively since its launch, with dedicated episodes analyzing its design, risk profile, yield characteristics, and implications for the broader digital credit market.

For daily estimates of Strategy’s STRC ATM issuance, see our live STRC ATM tracker, which reconciles minute-bar volume against the weekly SEC 8-K filings.

Latest on STRC — Strategy Preferred Equity

Episode

Why STRC Isn’t Back To $100

Strategy spent about nine times more buying back STRC than buying Bitcoin in one week. Allard Peng says buybacks at 98 cents on the dollar are waste. The quant returns to break down why STRC still isn’t back at $100, why not raising the dividend was the right call, and why the buybacks went too far. He also maps the digital money and digital yield products being built on top of digital credit, explains why fixed-rate preferreds may be the better long-term buy, and shares why he thinks Bitcoin is set to outperform.

Oct 22, 2026 • 53:26 Watch →
Episode

I Borrowed Against My House To Buy STRC

Trey Sellers borrowed against his home at 5% to buy STRC yielding 10%, and he explains why he never worried when it crashed. The head of Strike Private and creator of FIRE BTC joins host Joe Burnett to discuss how Bitcoin changes the math of retiring early, why he thinks an 8% withdrawal rate is conservative on a Bitcoin standard, and why you should keep a mortgage instead of paying it off. They also cover growth vs. income investing, whether digital credit is suppressing Bitcoin's price, and why $83,000 Bitcoin is bullish.

Oct 8, 2026 • 57:12 Watch →
Analysis

STRC: An Assessment of Buybacks, Market Structure & Channel Sensitivity

Adrian Morris tests whether Strategy's STRC buybacks drove the instrument's recovery toward par. A 60-session variance attribution assigns most of STRC's explained daily-return variance to the other digital credit preferreds, MSTR ex-BTC and Bitcoin, a buyback proxy adds little explanatory fit, and the report weighs leverage as a plausible explanation for June's selloff.

Sep 24, 2026 Read →

All episodes (66)

True North Weekly (33)

2026

2025

The Hurdle Rate (26)

The Income Show (7)

Research (20)

Stay on Course. Get the Signal.

Subscribe for new-episode alerts, key insights, and the occasional alpha drop. Straight from True North.

True North is for informational and educational purposes only. Nothing presented should be considered investment advice or an offer of any security or investment product. Consult your own investment and tax advisors. Full disclaimer.