About

21DC is an independent reference site for digital credit: the perpetual preferred shares, and similar securities, issued by companies that hold bitcoin as a treasury asset. It covers series from Strategy, Strive, The Smarter Web Company and Metaplanet, and will add other issuers as their securities are filed.

Why the site exists

This asset class is new and changes quickly. Between February and November 2025, Strategy alone launched five preferred series. In 2026 it changed one series' payment frequency from monthly to semi-monthly and put a move to daily record dates to a shareholder vote. Other issuers have launched comparable securities in US dollars, sterling and yen.

The terms that matter to a reader include the rate, how it can change, cumulative or non-cumulative status, ranking, redemption rights and the liquidation preference. These are spread across certificates of designations, prospectus supplements, 8-Ks and RNS announcements.

21DC gathers those terms into a structured reference. Each instrument has a page built from a database, and every term on it links to the filing it came from, with the date it took effect. When terms change, the earlier version is kept, so you can see what applied at any point. Prices, dividends and issuer balance-sheet figures carry an as-of date. Editorial pages, such as the guides and the glossary, explain the mechanisms. They do not offer views on whether any security is attractive.

Independence

21DC has no relationship with any issuer it covers:

• no issuer, underwriter, broker or platform pays for coverage or placement;
• the site carries no affiliate links and earns nothing if you open an account or trade;
• there is no advertising;
• 21DC does not rank instruments or platforms, and does not publish price targets or opinions on value.

If that changes, this page will say so before the change takes effect.

Who runs it

Content is written and maintained by the 21DC editorial team. Data is collected automatically from public sources, then checked by an editor before it is published, as described in the methodology.

What 21DC is not

21DC is not a broker, an adviser or a research provider. Nothing on the site is a personal recommendation, an offer or a solicitation. Figures can be wrong or out of date, and the filing is always the authoritative source. The terms of use set this out in full.

Information only. Not investment advice. 21DC is not authorised by the FCA or SEC.

Contact

Corrections, questions about the data and press enquiries are welcome. See the contact page.