Strategy (MSTR), led by Michael Saylor, has launched a new preferred stock called STRF ('Strife'), which began trading on Nasdaq on March 26, 2025. The stock offers USD yield for STRF investors and Bitcoin yield for MSTR investors. The STRF sale, which closed on March 25, raised approximately $711 million through the issuance of 8.5 million shares at $85 each, surpassing its initial target of $500 million. Proceeds from the sale are intended for further Bitcoin purchases, aligning with Strategy's corporate policy of accumulating the cryptocurrency. STRF pays a 10% annual dividend on a $100 stated amount, with quarterly cash payments. Dividends compound at an additional 1% annually if missed, up to a maximum 18% dividend rate. The stock is positioned as a fixed-income security, appealing to investors seeking income and capital stability. Unlike common stock, STRF holders do not have voting rights. Redemption conditions include scenarios where fewer than 25% of the original issuance remains or under certain tax events.