Guides
How the instruments work, explained from the filings. Each guide ends with what to check in the filing yourself.
Explainers
- What is digital credit?
Digital credit is the name bitcoin treasury companies give to perpetual preferred stock paying a stated dividend. How it works, who issues it, what it is not.
Updated 22 Oct 2026 · 5 min
- How bitcoin-backed preferred stock works
How bitcoin treasury preferred stock is issued, priced and paid: stated amount, dividends, liquidation preference, ATM sales, reserves and what 'backed' means.
Updated 22 Oct 2026 · 5 min
- Strategy preferred stock explained: STRF, STRC, STRE, STRK and STRD
Strategy's five preferred series side by side: rates, payment frequency, cumulative status, redemption and seniority order STRF > STRC > STRE > STRK > STRD.
Updated 22 Oct 2026 · 5 min
- Par-targeted preferreds: how STRC and SATA manage price
How Strategy's STRC and Strive's SATA use rate resets, issuance and repurchases to keep prices near $100, and the limits their filings place on each lever.
Updated 22 Oct 2026 · 5 min
- Cumulative vs non-cumulative preferred stock
What cumulative and non-cumulative mean for preferred dividends, how unpaid amounts accrue and compound, and which digital credit instruments use each type.
Updated 22 Oct 2026 · 4 min
- The capital stack of a bitcoin treasury company
How debt, preferred stock and common equity rank at a bitcoin treasury company, how to build a coverage bridge from filings, and what each layer is entitled to.
Updated 22 Oct 2026 · 5 min
- How to read a digital credit prospectus
A guide to the filings behind digital credit: certificates of designations, 424B5 prospectus supplements, 8-K Items 3.03 and 5.03, 10-Qs and weekly updates.
Updated 22 Oct 2026 · 5 min
- Risks of bitcoin treasury preferred stock
Mechanisms that can affect bitcoin treasury preferred stock: bitcoin price, rate cuts, non-cumulative terms, issuer discretion, liquidity, redemption, tax, FX.
Updated 22 Oct 2026 · 6 min
For UK readers
- Holding US bitcoin treasury preferreds from the UK
How UK investors access Nasdaq-listed preferreds such as STRC and SATA: platform availability, the W-8BEN form, T+1 settlement, currency and disclosure rules.
Updated 22 Oct 2026 · 5 min
- UK tax treatment of STRC and SATA distributions
How UK residents may be taxed on distributions from US bitcoin treasury preferreds: US return-of-capital labels, withholding, dividend tax, CGT, reporting.
Updated 22 Oct 2026 · 5 min
- ISA and SIPP eligibility of US preferred stock
Whether Nasdaq-listed preferreds such as STRC and SATA, euro STRE and LSE-listed MORE meet HMRC's ISA qualifying-investment rules, and how SIPPs differ.
Updated 22 Oct 2026 · 5 min
- The Smarter Web Company's sterling preferred (MORE)
A dated record of what The Smarter Web Company has announced about MORE, its LSE-listed sterling preferred share, and which terms remain unconfirmed.
Updated 22 Oct 2026 · 5 min