Strategy Inc Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) is a Nasdaq-listed perpetual preferred security issued by Strategy Inc., the bitcoin treasury and enterprise analytics company formerly known as MicroStrategy. STRC provides preferred equity exposure to Strategy's capital structure rather than common-stock participation in MSTR. The security carries a $100 stated amount and is designed to pay cumulative cash dividends at a variable annual rate, with monthly payments when declared by Strategy's board and funds are legally available. Strategy has stated that it may adjust the dividend rate monthly with the aim of keeping STRC trading near its stated amount. STRC has no maturity date and is not debt; its performance depends on Strategy's credit profile, bitcoin treasury strategy, dividend declarations, liquidity, interest-rate conditions, redemption terms and broader market risk.