Strategy, Inc. has introduced four perpetual preferred shares (STRXs) aimed at investors seeking Bitcoin exposure without owning crypto directly. STRF and STRD are recommended buys for their attractive 10%+ yields, with STRF offering higher liquidation priority and STRD providing higher yield but more risk. STRK is also a buy for Bitcoin holders wanting income plus potential equity upside via conversion to MSTR common stock. However, STRC is advised against due to its DeFi leverage risks and potential for liquidation issues. These shares use mechanisms similar to closed-end funds to generate artificial yield, balancing Bitcoin exposure risk with manageable structural risks.
