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STRF will be the most senior preferred offering that Strategy will offer

by Larry Chiang on March 18, 2025

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STRF will be the most senior preferred offering that Strategy will offer.  The current seniority in the stack is as follows:
1. Convertible Bonds
2. STRF
3. STRK
4. MSTR
Saylor was very clear about having no other preferred offering that will be senior to this one.  That piece of assurance will be important to many of the investors in this offering

 
 
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Ben Werkman
⁦‪@BenWerkman‬⁩
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Everyone is waiting for Strategy to become a bank.

I’d argue now it’s pretty clear they already are.

An investment bank specializing in Bitcoin-backed capital formation.

 
3/18/25, 10:39 AM
 
 


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Larry Chiang, 650-283-8008
⁦‪@LarryChiang‬⁩
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Web4 is my favorite Phong Le protocol

Larry Chiang
Coined #web5 2 seconds after Tim O’Reilly and Mark Pincus mentored me what web-2 was. And a couple
Months later I was at Social Foo

 
3/18/25, 10:08 AM
 
 


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