Strategy, a company specializing in Bitcoin-backed securities, launched its third Bitcoin-backed preferred stock, STRD, on the Nasdaq exchange on June 11, 2025. The STRD offering provides fixed income secured by Bitcoin and has raised $1.176 billion, making it the largest Bitcoin-backed preferred security offering in the U.S. since 2021. This launch follows Strategy's previous Bitcoin-backed preferred stocks, STRK and STRF. The growing holdings of Strategy have prompted warnings from Sygnum about the potential risks of Bitcoin becoming inappropriate for central bank reserves.