Glossary · C
Capital stack
The full set of an issuer's funding sources (debt, preferred stock and common equity) arranged by seniority. It shows who is paid first and how much sits ahead of any given security.
Revised 22 October 2026 · Suggest a correction
A capital stack lists an issuer's claims from most senior (paid first) to most junior (paid last). For a bitcoin treasury company the usual order is debt, then preferred stock by series, then common stock. On the asset side are mainly bitcoin plus cash reserves.
Strategy's stack (as of 30 June 2026)
From Strategy's quarterly report (10-Q, filed 3 August 2026):
| Rank | Claim | Notional |
|---|---|---|
| Debt | Convertible notes and other indebtedness | $6.75bn principal |
| Preferred 1 | STRF | $1.284bn |
| Preferred 2 | STRC | $10.489bn |
| Preferred 3 | STRE | €775m (about $884m) |
| Preferred 4 | STRK | $1.402bn |
| Preferred 5 | STRD | $1.402bn |
| Equity | Class A and B common (MSTR) | residual |
On the asset side, Strategy reported approximately 846,000 bitcoin and a USD Reserve of $2.40bn at the same date. Later disclosures show 848,517 bitcoin and a $4.83bn USD Reserve as of 18 October 2026 (8-K, 19 October 2026). STRC outstanding has fallen since June because of repurchases, but no issuer-reported share count after 24 July 2026 was available when this entry was written.
Strive's stack
As of 20 October 2026, Strive had no consolidated debt (as of 9 October 2026), SATA at $1.403bn stated amount (14,030,176 shares as of 16 October 2026) and SATS at $700m stated amount (7,000,000 shares issued 20 October 2026) (8-K, 19 October 2026; SATS 8-K).
How to read it
The stack shows how much ranks ahead of each preferred. Strategy's own coverage bridge and BTC Rating divide the bitcoin reserve by the claims at or above a given series. 21DC's capital-stack diagrams on issuer pages follow the same ordering.
What to check in the filing
- The ranking section of each certificate of designations
- Debt principal and maturity dates
- Shares outstanding per series, with the as-of date