PreferredActiveBTC
7.00% Cumulative Convertible Preferred Stock
BSTR-Pref
$10.63▼ 0.09%
BTC Holdings
30,021 BTC
Total Debt
$876.61M
Leverage
29.9%
Notional
$301.92M
Issue date
2025-07-16
Price
$100.00
Insufficient history
Dividend / Share
$7/yr
Eff. Yield
7.00%
Insufficient history
Mkt Cap
$301.92M
Insufficient history
Shares Outs.
3,019,200
Conversion price
$13
Premium at issue
-11.7%
ITM Status
OTM (-18.2%)
- Pending issuance — subject to Closing of CEPO/BSTR business combination (Outside Date 2026-07-16)
- Aggregate 3,019,124 shares = 300,000 (July Subscription, $30M) + ~2,236,200 (Preferred Stock Option exercised by July CB Investors, $223.62M aggregate principal) + 482,924 (August Subscription, $48.3M) — $301.92M aggregate stated value at $100/share
- Offering price $85.00 per share (15% discount to $100 face value)
- Perpetual / Non-redeemable by the Issuer
- Dividend payable in cash or common stock at Issuer's election at 98% of daily VWAP
Analytics
ITM History
Stock price vs conversion price ($13)OTM -18.2%
Terms & Documentation
Terms
- BTC strategy
- Yes
- Settlement
- Shares
- Liquidation preference
- $100.00 per Preferred Share plus accumulated and unpaid dividends
- Cumulative
- Yes
- Payment frequency
- Quarterly
- Rate type
- Fixed
- Forced conversion
- After 5.0 years from Closing Date, at Issuer's election, if stock >= 130% of Conversion Price for 20/30 consecutive days, plus share Make-Whole
Outstanding History
Outstanding history(3)
| As of | Shares Outstanding |
|---|---|
| 2026-05-29 | 3,019,200 |
| 2025-08-25 | 783,000 |
| 2025-07-16 | 300,000 |
- 2026-05-29 — 3,019,200 sharesForm S-4/A (amended proxy…
- 2025-08-25 — 783,000 sharesForm 8-K (additional pref…
- 2025-07-16 — 300,000 sharesForm 8-K (business combin…