Strategy (MSTR) has launched its third eternal preferred instrument, the series A Stride Preferred Stock (Strd) as it continues to build a structured interest rate curve for its capital stack.

With a 10.00% non-cumulative fixed yield and eternal duration, Strd aims to provide long-term exposure with high-yield placed between the company’s senior preferred (strf) and convertible preferred (STRK) offerings.

Unlike STRF, which offers a senior requirement and is designed to be over-collateralized with lower volatility-related with investment in investment quality is junior in seniority, but delivers the highest benefit from the strategy’s preferred offer.

Strk, on the other hand, lies between the two in both risk and return and offers an 8% fixed yield and convertibility. At the bottom of the capital’s stack is Mstr, the company’s joint stock and primary vehicle for geared bitcoin exposure.

According to the strategy, Strd is non-enchantable under normal conditions, but can repurchase a “fundamental change” or choose tax events. Its quarterly dividends are only estimated and paid in cash when declared by the Board of Directors.

In the wider market, Strd compares to other preferred equity and high bonding binding funds. With 10% yield and zero control fees, Strd offers a compelling alternative to ETFs such as PFF (7% yield, 0.46% fee) and Ushy (8% yield, 0.08% fee) while maintaining comparable volatility levels.

The Strd offer supports the strategy’s broader initiative to offer diversified, structured exposures ranging from stable dividends to digital asset with high conviction, plays anchoring a new approach to capital structure in the digital era.