The Largest Bitcoin-Backed Preferred Stock Launches
Nine preferred stocks from bitcoin treasury companies, from Strategy’s $2.8 billion STRC to Smarter Web’s new £11.1 million MORE, ranked by their size at launch, with how much each has grown since, from the issuers’ own filings.
Data as of · launch sizes at each share’s stated amount · non-dollar launches converted at the ECB reference rate on the pricing day (STRE at the rate in Strategy’s own filing)
Pictured: Strategy’s Michael Saylor and Phong Le presenting the STRC IPO in July 2025. STRC ranks #1, with about $2.80 billion at launch.
The Largest Bitcoin-Backed Preferred Stock Launches, data as of 2026-10-12
Size at launch = shares sold in the first offering × their stated amount or liquidation preference ($100, €100, ¥1,000, £100 or SEK 120 a share), in the preferred’s own currency and in US dollars; it is not market value. Raised at launch = gross proceeds before fees, since most were sold below their stated amount. Launched = the day the price was set (for MORE, the day its offers closed). Outstanding now = the same measure at the date shown: Strategy’s from its proxy (STRC has had buybacks since), Strive’s and Metaplanet’s at September 30, BTC AB’s after its July rights issue, and MORE’s 111,112 IPO shares on admission, excluding the 100,000 shares issued into its ATM program. Growth since launch = outstanding now ÷ size at launch. Not ranked: preferreds that weren’t launched to fund a bitcoin treasury, and ones only announced, not issued. Every figure is footnoted below.25
All nine launches
A preferred stock (or preference share) pays a set dividend and ranks ahead of common shareholders, but behind lenders, if the company is wound up. These are all perpetual: they have no maturity date. Bitcoin treasury companies use them to raise money from investors who want income, without issuing more common stock; the companies call them “digital credit”. A launch is only the start: most issuers then sell more over time, so this table also shows how big each one is now. For each preferred’s current dividend terms, see Bitcoin-Backed Preferred Stocks by Dividend Rate and Payment Frequency, and for the largest single offerings of any kind, The Largest Digital Credit Offerings by Bitcoin Treasury Companies.
#1
Strategy’s Stretch STRC
$2,801.1M
The largest launch so far: in July 2025 Strategy sold 28,011,111 shares of its variable-rate “Stretch” preferred at $90 each, $2.521 billion in gross proceeds, for about $2.80 billion at their $100 stated amount.1 It started with a 9.00% annual dividend paid monthly, a rate Strategy can change.2 Strategy kept selling STRC through its at-the-market (ATM) program, in which a company sells new shares gradually on the exchange, and on September 15, 2026 it had 94,558,175 shares outstanding, about $9.46 billion, 3.4 times its launch size.7 It has since bought some back: 3,308,332 shares from September 21 to October 4.8
#2
Strategy’s Stride STRD
$1,176.5M
Strategy sold 11,764,700 STRD shares at $85 in June 2025, for gross proceeds of $500 short of $1 billion and a stated amount of about $1.18 billion.3 STRD pays 10% a year and is the only one of Strategy’s preferreds whose dividends are not cumulative, so a dividend that is skipped is never owed later.9 It had $1.40 billion outstanding on September 15, 2026.7
#3
Strategy’s euro preferred STRE
€775.0M
STRE (“Stream”) is the only euro launch here. Strategy sold 7,750,000 shares at €80 in November 2025, €620.0 million in gross proceeds, or $715.1 million at the €1 = $1.1534 rate in its own filing. At their €100 stated amount, that is €775 million, or about $893.9 million at the same rate.4 It is listed on the Luxembourg Euro MTF market, not on Nasdaq, and pays 10% a year. Its size hasn’t changed since launch: 7,750,000 shares on September 15, 2026.79
#4
Strategy’s Strife STRF
$850.0M
In March 2025 Strategy sold 8,500,000 shares of STRF at $85, $722.5 million in gross proceeds, for $850 million at their $100 stated amount.5 STRF pays a fixed 10% a year, and ranks first among Strategy’s preferreds if the company is wound up.9 It had grown to about $1.28 billion by September 15, 2026.7
#5
Strategy’s Strike STRK
$730.0M
STRK was the first of these to launch. Strategy sold 7,300,000 shares at $80 at the end of January 2025, $584.0 million in gross proceeds, or $730 million at their $100 liquidation preference.6 It pays 8% a year and is the only Strategy preferred that can be converted into common stock.9 With later sales it had about $1.40 billion outstanding on September 15, 2026, nearly twice its launch size.7
#6
Strive’s variable-rate preferred SATA
$200.0M
Strive’s IPO was upsized from 1,250,000 to 2,000,000 shares, sold at $80 each in November 2025, $160 million in gross proceeds, for $200 million at their $100 stated amount.1011 SATA started with a 12.00% annual dividend paid monthly.10 Strive’s weekly updates show its shares outstanding going from 9,995,425 on September 4, 2026 to 10,397,966 on September 11, so its stated amount passed $1 billion that week, about ten months after the IPO.1213 On September 30 it stood at about $1.29 billion, 6.5 times its launch size, the most growth on this list.14
#7
Metaplanet’s MERCURY MERCURY
¥23.61B
Metaplanet, a Tokyo-listed bitcoin treasury company, sold 23,610,000 Class B preferred shares, which it calls MERCURY, to six overseas institutional investors in a private placement agreed in November 2025. They were issued at ¥900 each, ¥21.249 billion in all, against a ¥1,000 liquidation preference per share, so ¥23.61 billion, about $150 million at the ECB rate on the day it was agreed.1516 MERCURY pays 4.9% a year, quarterly, and isn’t listed; Metaplanet says it has started talks with the Tokyo Stock Exchange about a listing.1517 The share count was unchanged on September 30, 2026.18
#8
Smarter Web’s MORE MORE
£11.1M
The newest launch, and the first sterling one. The Smarter Web Company, a UK web-services business that holds bitcoin, launched its IPO of MORE on September 29, 2026, aiming to raise £15 million to £25 million at £90 a share, and said it would only go ahead if it raised at least £10 million.19 When the offers closed on October 9 it had raised £10.0 million: £7.6 million from retail investors and £2.4 million from institutions. That means 111,112 shares, about £11.1 million at their £100 stated amount, or about $14.7 million. Smarter Web is also issuing 100,000 more shares into its ATM program, to be held by or for Tennyson Capital; they aren’t counted here. Trading on the London Stock Exchange’s Main Market is due to start on October 14, 2026. MORE pays a cumulative, variable dividend every week, starting at 12% a year; the first, £0.2301 a share, is due to be paid by November 9.20
#9
B Treasury Capital’s preference share BTC PREF
SEK 7.2M
The smallest launch: a directed issue of 60,400 preference A shares at SEK 120 each, about SEK 7.2 million, to a group of outside investors in December 2025. They pay SEK 1 a month, 10% a year.21 The shares were registered in March 2026,22 and a rights issue to the company’s own shareholders in July brought in about SEK 12.2 million more, bringing the total to 162,425 shares, about SEK 19.5 million.23 Trading on Sweden’s Spotlight Stock Market was due to start on July 20, 2026.24
