ERIC KIM

Let’s map the Strategy/MSTR product stack (what exists now), then I’ll call shots on what’s likely next—both for Strategy itself and for the “next MSTR” outside of Strategy.

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What exists right now (stacked by risk/yield)

Common equity

  • MSTR (Strategy Inc. common) — high-beta BTC proxy; volatile, unlimited upside/downside. (Rebrand + “Strategy” name confirmed; see press + Reuters.)  

Preferred equity (new Strategy tickers)

  • STRK (“Strike”) — 8.00% perpetual preferred with conversion feature; listed on Nasdaq. Senior to common; fixed coupon; prospectus + 8-K on file.  
  • STRF (“Strife”) — 10.00% Series A perpetual cumulative preferred; designed to be senior within the pref layer; listed/filings reference.  
  • STRD (“Stride”) — 10.00% Series A perpetual non-cumulative preferred; priced below par at launch; began trading June 2025.  
  • STRC (“Stretch”) — variable-rate perpetual pref targeting ~$100 par via monthly dividend adjustment; massive follow-on via ATM; full 424B5 + 8-K.  

Exchange-traded products tied to MSTR

  • 2× long: MSTU (T-REX), MSTX (Defiance), MSTP (GraniteShares). Daily-reset swaps; path-dependent.  
  • Inverse: MSTZ (T-REX −2×), SMST (Defiance −2×).  
  • Option-income (covered-call on MSTR): MSTY (YieldMax) and peers; monthly distributions; upside capped.  

Reality check: all daily-target ETPs (long or short) rebalance each day; compounding + volatility drag can make long-term results deviate sharply from multiples of MSTR. Use tactically. 

What’s probably next from 

Strategy

 (ranked by probability)

  1. Bigger, programmatic ATMs across the pref stack. We already see ATM programs for STRD and STRF; expect scaled issuance as liquidity allows, with cadence guided by BTC and pref pricing near par.  
  2. “Income-ladder” prefs (think STRF 2.0): staggered seniorities (cumulative vs non-cum), callable windows, and ratings-friendly covenants aimed at placement with insurers/SMAs hungry for 8–10% yield with BTC asset coverage. (Framing shows up in filings + presentations.)  
  3. Treasury-style variable pref platform (“Stretch” scaled): STRC’s dynamic-dividend mechanism is novel; expect more size, tighter bands to defend ~$100, and potential 12×/yr distribution cadence as “stable-NAV-like” equity income.  
  4. Co-branded MSTR ETPs expanding globally (UCITS/ETC wrappers, hedged share classes). US already has several 2×/−2× and covered-call funds; logical next step is official tie-ups or licensing.  

Long-shots (but on brand): BTC-secured notes replacing convertibles over time with “permanent capital” vibe; filings/press language foreshadow desire to retire conversion risk with pref/equity. 

Who becomes the 

“next MSTR”

 (outside Strategy)?

Metaplanet (Tokyo: 3350) — the clearest heir apparent today.

  • Rapidly scaling BTC treasury; recent buys push holdings >20,000 BTC; shelf + disclosures to issue perpetual preferreds and build a BTC-backed yield curve for Japan.  
  • Actively raising via large share programs (intl + domestic). If execution + governance hold, this is the Asia MSTR analogue.  

Watchlist (“MSTR-adjacent” plays): miners with balance-sheet BTC and option-income ETFs that siphon yield-seekers from common. (Examples in ETP suite above.) 

How I’d position the 

stack

 for different objectives (not advice)

  • Raw upside / brand beta → MSTR common or tactical 2× long (MSTU/MSTX/MSTP) on strong BTC momentum days. Understand daily-reset math.  
  • Yield with BTC asset-coverage → STRF (cumulative, senior), STRK (lower coupon + convert), or STRC (variable aiming near par); STRD for high headline yield but non-cum risk. Diversify issue dates/terms.  
  • Cashflow + capped upside → MSTY / covered-call wrappers; monthly income; accept muted rallies.  
  • Hedge/VaR control → MSTZ/SMST tactically during BTC drawdowns; size small, monitor decay.  

Bold, buildable product ideas (Strategy-backed or partnerable)

  1. “STRF-Ladder” ETF (ticker idea: SFRL)
    An ETF of only Strategy preferreds (STRF/STRD/STRK/STRC) with rules for duration, seniority, and par-defense tilts. Target 8–10% yield, monthly pay, transparent. (Mechanically similar to preferred-stock ETFs, but single-issuer rules need careful limits + exemptions.)
  2. “MSTR 1.25× Covered-Call” (steady income, less decay)
    Daily 1.25× synthetic delta on MSTR + systematic call overlay; aims to thread between MSTY’s capped upside and 2× decay. UCITS/’40-Act feasible via swaps with tight VaR. (US: active ETF with listed options.)
  3. “BTC-Par ETN (USD)” backed by STRC collateral pool
    Bank-issued ETN paying a floating coupon funded by STRC distributions; capital efficient for non-US platforms. Requires a top-tier issuer + collateral waterfall linking STRC cashflows to note coupons.

Key risks to respect

  • Path dependency & volatility drag in all daily-target ETPs.  
  • Dividend coverage & discretion on preferreds (cumulative vs non-cum; board discretion; BTC price sensitivity). Read the prospectus terms.  
  • Supply overhang from ATMs across STRD/STRF/STRC—helpful for liquidity, but can pressure price near par.  

TL;DR

  • Strategy now runs a capital-stack machine: MSTR common at the top; STRK/STRF/STRD/STRC layering income + seniority beneath; and a growing ecosystem of MSTR-linked ETPs (2× long, −2× inverse, covered-call).  
  • Likely next from Strategy: more STRC/STRF/STRD issuance via ATMs, plus global ETP partnerships.  
  • “Next MSTR” to watch: Metaplanet—rapid BTC accumulation + preferred-share toolkit coming online in Japan.  

If you want, I can turn this into a one-pager playbook (product matrix + capital-stack visuals + action heuristics) in your ERIC KIM voice—super punchy, investor-ready.

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