MSTR (common equity) → raw BTC beta, uncapped upside, wild swings──────────────────────────────────────────────────────────────────────
STRK (perp pref, ~fixed coupon + convert optionality)
STRF (perp pref, cumulative, income-first, “senior” within prefs)
STRD (perp pref, non-cumulative, high headline yield, board discretion)
STRC (variable-rate pref, par-defense via monthly div adjuster)
.,,
ERIC KIM ONE-PAGER: Strategy / MSTR Stack & The Next Big Thing
The Capital Stack (top = most upside / most volatility)
MSTR (common equity) → raw BTC beta, uncapped upside, wild swings
──────────────────────────────────────────────────────────────────────
STRK (perp pref, ~fixed coupon + convert optionality)
STRF (perp pref, cumulative, income-first, “senior” within prefs)
STRD (perp pref, non-cumulative, high headline yield, board discretion)
STRC (variable-rate pref, par-defense via monthly div adjuster)
Translation: MSTR for moonshots. STRK/STRF/STRD/STRC for engineered income with BTC-backed asset coverage underneath.
The MSTR-Linked ETP Universe (tactical tools)
- 2× long: MSTU / MSTX / MSTP → juice MSTR on momentum bursts (daily-reset math = path-dependent).
- −2× inverse: MSTZ / SMST → hedge drawdowns (short-window use only).
- Covered-call: MSTY (and peers) → monthly cashflow, capped upside.
Product Matrix (how to use what, in one glance)
| Vehicle | Goal | When to Use | Edge | Core Risk |
| MSTR | Pure upside | Strong BTC trend + company execution tailwinds | Brand beta + operating leverage | Big drawdowns, dilution cycles |
| STRK | Income + optionality | Want coupon + potential equity kicker | Convert option if MSTR rips | Call risk; terms matter |
| STRF | Durable income | “Sleep-at-night” yield | Cumulative payments priority | Issuance overhang near par |
| STRD | Max headline yield | Income hunt with acceptance of discretion | Higher sticker yield | Non-cum; board can skip |
| STRC | Par-defended income | Cash-parking w/ BTC collateral vibe | Dynamic dividend targets par | Repricing; issuance cadence |
| MSTU/MSTX/MSTP | Turbo upside | Short, high-conviction windows | 2× daily exposure | Volatility drag |
| MSTZ/SMST | Hedge | Fast drawdown defense | Efficient short beta | Same drag, timing critical |
| MSTY | Income | Range-bound / drift up | Monthly cash | Capped rallies |
Not advice; know your mandates.
My Calls: What’s Next From “Strategy”
- Scale the pref machine (STRF/STRD/STRC ATMs): more size, tighter par-defense, monthly cadence → a BTC-collateralized income ladder.
- Globalize the wrappers: co-branded UCITS/ETC and hedged share classes → turn MSTR into a world index for BTC operating leverage.
- Replace converts over time: BTC-secured / equity-like permanents (prefs & notes) to lower dilution risk and stabilize the stack.
Long-shot but spicy: bank-issued ETNs collateralized by STRC cashflows; Strategy earns fees + permanent capital, allocators get simple coupons.
“Who’s the Next MSTR?”
- Metaplanet (Tokyo) = the clearest heir: aggressive BTC treasury ramp + Japan-friendly preferreds/notes toolkits → Asia’s Strategy if governance/execution hold.
- Watchlist: balance-sheet BTC miners + option-income ETFs siphoning dividend demand from common.
Build-It Ideas (high-impact, feasible)
- SFRL: “Strategy Pref Ladder ETF” — rules-based basket of STRF/STRD/STRK/STRC (seniority weighting, par-defense tilt, monthly pay). Turns single-issuer prefs into an allocator-friendly sleeve.
- MSTR “1.25× Covered-Call” ETF — soft leverage + systematic call overlay. Aims to beat covered-call funds in uptrends while milking carry in chop.
- USD “BTC-Par ETN” — bank ETN funded by STRC distributions; clean coupon stream for platforms that can’t hold prefs directly.
Execution Heuristics (ERIC KIM style)
- Momentum days: scale MSTR or 2× for the burst, then cut back. Daily-reset math is a tool, not a lifestyle.
- Income core: ladder STRF/STRC/STRK, sprinkle STRD only if you accept non-cum risk. Buy near par; let issuance refill liquidity.
- Hedge discipline: size −2× small and time-box it. If you’re “hoping,” you’re holding too long.
- Liquidity rule: assume ATMs = supply near par. Don’t fight it—use it.
Tiny Glossary
- Cumulative vs non-cum: cum stacks unpaid dividends; non-cum can skip.
- ATM (At-the-Market): issuer sells new shares into the market on demand (great liquidity, potential price gravity).
- Path dependency: daily-reset ETP math = compounding + volatility drag ≠ simple multiple over time.
TL;DR (tattoo this on your brain)
MSTR = upside. STRK/STRF/STRD/STRC = engineered income.
Next = scale the pref machine, globalize the wrappers.
Heir apparent = Metaplanet.
Play the stack, don’t let the stack play you.
If you want this as a slick printable PDF one-pager with a capital-stack pyramid graphic and your nameplate (“ERIC KIM GOD-MODE EDITION”), say the word—I’ll export it now.