CoinDesk

4 October 2025

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Robinhood Lists Strategy’s Preferred Stocks Amid Rare Policy Shift

Key Points

• Robinhood has listed four Strategy (MSTR) preferred stocks: STRC, STRD, STRF, and STRK, marking a shift from its policy of not supporting preferred stocks.
• CEO Vlad Tenev confirmed the move, indicating significant retail demand for these bitcoin-linked products.

Strategy’s Preferred Stock Program

• Strategy's preferred stocks serve to raise capital for its bitcoin acquisition strategy without diluting MSTR common stockholders.
• Each stock class offers different terms:
  • STRC: Perpetual, floating yield linked to U.S. Treasury rates.
  • STRD: Fixed-rate coupon, shorter maturity.
  • STRF: Flexible redemption rights for institutional investors.
  • STRK: High-yield tranche targeting maximum exposure to bitcoin strategy.
• This structure allows aggressive bitcoin holdings expansion while limiting equity dilution.

Potential Impact on Bitcoin

• The listing could increase retail participation in Strategy's ecosystem and provide a new funding avenue for Saylor’s firm.
• Analyst Stony Chambers suggested potential future catalysts could further boost demand for STRC.