A growing group of perpetual preferred securities is giving investors exposure to companies whose balance sheets are heavily concentrated in Bitcoin. The six U.S. instruments covered in the analysis are STRK, STRF, STRD, STRC, SATA and SATS, issued by two companies.
Unlike conventional bonds, these securities have no maturity date at which principal is scheduled to be repaid. Investors therefore depend primarily on dividend payments, the issuer’s financial strength and the ability to sell the security in the secondary market.
Four measures used to compare the securities
The ranking evaluates each instrument across four areas: creditworthiness, investor protections, liquidity and dividend characteristics.
Creditworthiness is assessed largely through Bitcoin asset coverage. The BTC Rating compares the dollar value of an issuer’s Bitcoin reserves with its outstanding credit obligations while taking the seniority of each instrument into account. A higher rating indicates that more Bitcoin supports each dollar of credit claims.
Seniority is important because securities issued by the same company may have different claims on the same asset base. A senior preferred instrument generally benefits from greater coverage than a junior instrument. Governance, treasury management, additional borrowing and the issuer’s ability to maintain adequate Bitcoin reserves also affect the strength of that coverage.
Investor protections determine how missed dividends are treated. Cumulative dividends continue to accrue when payments are deferred, while noncumulative dividends can be permanently lost. Some securities compound unpaid dividends at the regular dividend rate, while stronger provisions apply escalating penalty rates. Other protections can include limits on payments to junior shareholders, director-election rights and dedicated dividend reserves.
Liquidity is measured using both absolute trading volume and turnover. Volume indicates the dollar value that changes hands, while turnover compares trading activity with an instrument’s market capitalization. The ranking uses average daily trading volumes from November 2 to November 11, 2026, together with the most recently reported shares outstanding.
The dividend comparison considers whether the rate is fixed or variable and the annualized yield based on the security’s trading price. Fixed rates provide greater income predictability, while variable rates give issuers more flexibility. The analysis excludes payment frequency from the ranking because all six instruments are expected to pay dividends daily after January 1, 2027.
Overall ranking
The following rankings place the strongest relative result at number one in each category:
| Instrument | Creditworthiness | Investor protections | Trading volume | Turnover | Rate certainty | Yield |
|---|---|---|---|---|---|---|
| STRF | 1 | 2 | 5 | 6 | 1= | 5 |
| STRC | 2 | 3 | 1 | 3 | 5= | 4 |
| STRK | 3 | 4 | 4 | 4 | 1= | 6 |
| STRD | 4 | 6 | 6 | 5 | 1= | 2 |
| SATA | 5 | 1 | 2 | 2 | 5= | 3 |
| SATS | 6 | 5 | 3 | 1 | 1= | 1 |
How the instruments differ
STRF ranks first for creditworthiness because it is identified as the most senior preferred instrument issued by its company and has the highest BTC Rating in the group. The other securities from the same issuer are ranked according to their position in the capital structure.
SATA receives the strongest investor-protection score, followed by STRF. Both instruments feature unpaid-dividend provisions that compound at escalating penalty rates, and holders can elect directors after extended dividend deferrals. SATA also benefits from a higher penalty-rate ceiling and a dividend reserve.
STRC and STRK compound unpaid dividends at their regular rates. STRC ranks ahead of STRK because its current compounding rate is higher, although STRK provides director-election rights after prolonged dividend deferrals. SATS has cumulative dividends, but unpaid amounts do not compound. STRD ranks last in this category because its dividends are noncumulative and holders do not have the same director-election rights.
STRC and SATA are the two variable-rate instruments. STRF, STRK, STRD and SATS pay fixed rates, giving them higher rankings for dividend-rate certainty. SATS ranks first for yield, followed by STRD, SATA, STRC, STRF and STRK.
Different priorities produce different choices
The comparison highlights the trade-offs within this emerging form of digital credit. STRF stands out for asset coverage, while SATS combines the highest reported yield with lower creditworthiness and less robust protections. SATA leads on investor safeguards, and STRC ranks first for absolute trading volume.
The relative appeal of each security depends on whether an investor prioritizes Bitcoin coverage, protection against deferred dividends, ease of trading, predictable income or headline yield. The rankings are a comparative framework rather than investment advice.
