Saylor says, We’ve added BTC Rating to our Strategy.com
Understanding the BTC Rating Symbols
Strategy (MSTR) relative to a standard Bitcoin ETF offers risk and solvency profiles of different investment products.
STRF (Preferred Stock Series F) | 9.1x
This is the most conservative option shown. With a rating of 9.1x, the company’s Bitcoin holdings are over nine times the value of this specific obligation, indicating an extremely high level of collateralization.
STRC ("Stretch" Preferred Stock) | 6.4x
This is a high-yield credit instrument. While it offers a higher return than Series F, it maintains a very strong safety margin with over six times the necessary Bitcoin backing.
STRK ("Strike" Preferred Stock) | 5.2x
A convertible preferred stock designed to "strike" a balance between earning a steady yield and participating in some of the upside of Bitcoin's price appreciation.
STRD (Series D Preferred Stock) | 4.7x
This represents a slightly more leveraged position within the preferred stock suite, though it still remains significantly "safer" (more collateralized) than the common stock or a standard ETF.
IBIT (BlackRock iShares Bitcoin Trust) | 1.0x
This serves as the industry benchmark. Because a spot ETF holds Bitcoin 1:1 and typically carries no debt, its rating is exactly 1.0x. It represents "pure" Bitcoin exposure without leverage.
MSTR (Common Stock) | 0.9x
Strategy’s common stock (the orange bar) often sits below 1.0x because the company uses leverage (corporate debt) to acquire more Bitcoin. This "leverage" is why MSTR stock usually fluctuates more aggressively than the price of Bitcoin itself.
Why it matters
This chart helps an investor decide where they want to sit on the "risk-reward" spectrum. If you want high growth and can handle volatility, you look toward MSTR. If you want a safer yield that is "over-protected" by Bitcoin, you look toward the STR-series preferred stocks.
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