Yield ChaserTue, Oct 20 boardLive

Which bitcoin preferred pays the most today?

Effective yield is the yearly dividend divided by today’s price, so a preferred bought below its $100 stated amount yields more than its printed rate.

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RankMovePreferredEffective yieldDividend ratePaysNext payvs BTC · 3M

Not rankedSTREno US quoteMOREno quote feed

Effective yield is the yearly dividend at today's rate divided by the price. Past ranks replay sourced daily closes at today's rates, so a rate reset since then is not reflected. Moves compare with the Oct 19 close. Not investment advice.

Today’s leaderNew #1 today

SATSStrive

15.85%

effective yield at $94.61

Dividend rate: 15.00%
Pays: Every business day from Nov 9
Next pay: Nov 9
vs bitcoin, 3M: too new

Total return against bitcoin · STRD

STRD +18.2%BTC +26.9%price +14.2% + dividends +4.1% (1 paid) · 3M, Jul 20 to Oct 20

Price change plus cash dividends by ex-date, not reinvested, against the BTC-USD close on the same dates. Pick a row to chart it. Faint lines are the other ranked names.

LIVEupdated 0s ago18:48:29ET23:48LDN22:48UTCSessionAfter hoursBTC829810sVote · 7d 15h 11mSATS first dividend date · Nov 9SATS closed Oct 20 · print OKSTRC Nov · daily path or semi-monthly path· STRC next pay Oct 31· SATA pays each business day

Each line is a preferred’s price as a share of its $100 stated amount. Below 100, the effective yield is above the printed rate.

60708090100Jul 23Sep 4Oct 19CLOSE Oct 20

Strategy

Strive

Smarter Web

Daily closes plus one live print per name. Dividends are payable when, as and if declared, out of legally available funds. Bitcoin on an issuer’s balance sheet is not collateral for these preferreds · no filing we cite pledges specific bitcoin to them.

Methodology

The Yield Chaser ranks every priced preferred by effective yield on its latest delayed print. Effective yield is the yearly dividend at today's rate divided by the price. Past ranks replay sourced daily closes at today's rates, so a rate reset since then is not reflected. A move compares today’s rank with the rank at the prior session’s close, and the streak counts sessions at #1 over at most 30 past sessions. STRE and MORE have no price feed here, so they are listed but never ranked.

Total return = (end price + cash dividends with an ex-date inside the window) ÷ start price − 1, dividends not reinvested. The start is the last close on or before the window start. Bitcoin is the BTC-USD daily close on or before the same two dates. Since IPO starts at a preferred's first sourced close, not its offering price. Windows: 1M, 3M, 6M, YTD, 1Y, since IPO. A window that starts before a preferred listed shows as a gap rather than a shorter return. Dividends and closes come from the same Yahoo Finance chart path as the prices, with SATS history starting at its own Oct 20, 2026 listing. The same numbers are served as JSON at /api/yield.

Effective yield is the annual dividend per share divided by price: rate × stated amount ÷ price. Cash payback is price ÷ annual dividend. Discounted payback finds when the present value of a level perpetuity of dividends reaches the price at your hurdle. Above the effective yield it never does, and the bench says so.

Frozen-rate duration is the Macaulay duration of a level perpetuity: with y = annual dividend ÷ price and m payments a year, i = y ÷ m and Macaulay = (1 + i) ÷ (m × i). It only holds if the rate stays put. STRC, SATA and MORE reset their rates, so they lead with reset duration: days until the first period whose rate is not yet set, divided by 365.

Bitcoin coverage years = BTC held × BTC price ÷ annual preferred dividends, a gross illustration that is not a maturity and not collateral. Reserve months and cash months divide each dollar pool by the same bill. The three are separate measures and are never added. Strategy’s month figures are this desk’s arithmetic, not issuer disclosures. STRE converts at 1.1215 (ECB reference rate via Frankfurter, 2026-10-20) inside Strategy’s total only.

Two filings disagree on SATS arrears. The Oct 16 prospectus supplement and the certificate summary in the Oct 20 8-K say no dividend, interest or other amount accrues on unpaid SATS dividends. The same 8-K’s liquidation summary mentions “any compounded dividends.” The desk follows the prospectus. STRE is cumulative per the 10-Q; a step-up is described in issuer material but not on the certificate we read, so the calculator leaves it out. STRK’s compounding terms are not modelled.

Prices are delayed prints from the site’s existing Yahoo Finance path; a SATS print only renders when the feed names a Strive preferred, because EchoStar used the SATS ticker until June 2026. STRE has no US quote and MORE trades in London with no feed wired, so neither shows a price. NYSE holidays follow nyse.com. Distributions are described by the issuers as expected return of capital; that is issuer guidance, not a determined tax result, and this page computes no after-tax yield.

None of this is an offer to sell or a solicitation to buy any security. Dividends are payable when, as and if declared, out of legally available funds. Want a sleeve? Try the allocation engine. MSTR and ASST mNAV live on the treasury desk, and the common-equity side of the same capital structure is in What is Amplification.