Strategy Inc. Preferred Ladder: Unified Credit & Stress Analysis

Strategy Inc. (formerly MicroStrategy) utilizes an array of perpetual preferred stocks (STRF, STRC, STRK, STRD) to fund its significant Bitcoin treasury. While marketed with "BTC coverage" ratios, these securities are legally unsecured preferred equity, not directly collateralized by Bitcoin. Their credit profiles are differentiated by seniority, dividend characteristics, and specific structural features, with STRF being the most senior and STRD the most junior, creating a laddered risk-return spectrum heavily reliant on Bitcoin price stability and continuous capital market access.