Everything on this page is built on BTC. The numbers are current as of October 14, 2026, and the mechanics haven't changed. What's changed is the premise underneath them. I used to assume BTC goes up forever as the super digital asset. It will probably keep going up, but I no longer believe it carries the properties of freedom money, and those properties are moving to XBT. So temper your enthusiasm for anything built on BTC, size it to your own risk profile, and read where I stand before you decide.
The Products
These are the products available to get exposure to bitcoin at different risk levels. ETFs are like bitcoin wrappers, MSTR offers a buffet of options, and the covered call etfs are income generators
Quick Comparison
| Ticker | Price | Type | Yield | Good For |
|---|---|---|---|---|
| IBIT | $46.24 | BTC ETF | N/A | Pure BTC |
| STRF | $103.34 | Senior Pref | 9.7% | Safety |
| STRC | $99.74 | Senior Pref | 12.0% | Liquidity, paid twice a month |
| STRK | $73.62 | Junior Pref | 10.9% | Income + convert |
| STRD | $71.64 | Junk Pref | 14.0% | High yield |
| MSTR | $143.24 | Common | N/A | Max growth |
| MSTY | $14.71 | ETF | ~25% trailing | Income |
* Prices and yields at market close October 14, 2026. Sources: strategy.com (MSTR and preferreds), Yahoo Finance (IBIT, MSTY). Yields change with price — verify on your brokerage before investing. IMST was closed by Bitwise in August 2026 (see below).
Bitcoin ETFs
BlackRock's spot Bitcoin ETF. Direct exposure to Bitcoin price via physical BTC holdings in secure custody. Low 0.25% expense ratio, highest liquidity and AUM among BTC ETFs. Perfect for traditional IRA/401k Bitcoin allocation.
Others exist: FBTC (Fidelity), ARKB (Ark/21Shares), BITB (Bitwise), HODL (VanEck), BTCO (Invesco/Galaxy) — all provide similar spot BTC exposure with minor differences in fees/sponsors.
Best for: Pure BTC exposure in brokerage accounts. Foundation of any Bitcoin portfolio.
MSTR Products
MSTR Products
The aggressive growth play. MSTR is designed to deliver approximately 2x Bitcoin's returns — and 2x its volatility. If Bitcoin goes up 50%, don't be surprised if MSTR goes up 100%. If Bitcoin drops 40%, MSTR might drop 70%.
There's no dividend here — this is a pure capital appreciation play. The thesis: over a long enough time horizon, amplified Bitcoin exposure through Saylor's capital-raising machine is the best-performing asset available to a retail investor. This is not a trading vehicle. Only invest what you can afford to leave alone for years.
Best for: Long-term Bitcoin believers who want maximum upside and can stomach serious drawdowns without panicking.
The safety anchor. STRF sits at the very top of the capital stack — most senior position. That means it's first to get paid and last to be at risk. Pays $10/year ($2.50/quarter). Think of it as the "blue chip" of the preferred stack.
If Strategy ever had to wind down, STRF holders get paid before STRK, STRC, STRD, and long before MSTR shareholders. The dividend is cumulative, meaning if they ever miss a payment, it accrues and must be paid before any other shareholder sees a cent.
Best for: Conservative investors who want Strategy exposure with maximum protection. Income-focused, sleep-at-night choice.
Income today, optionality tomorrow. STRK pays $8/year ($2/quarter) — solid income — plus it has a conversion feature: if MSTR ever exceeds $1,000/share, STRK automatically converts 10-for-1 into MSTR shares, while still paying you $8/year.
The conversion mechanism gives STRK limited upside participation if MSTR goes on a serious run. You're essentially holding a preferred stock that behaves like a bond — right up until Bitcoin prices make it behave like equity. A great middle-ground product for people who like income but don't want to miss the train if Bitcoin goes to the moon.
Best for: Investors who want steady income with built-in upside optionality if MSTR runs past $1,000/share.
The savings account replacement, built to trade near $100. The dividend rate is variable and set by Strategy; as of October 2026 it's 12% ($12 a year), paid twice a month. Strategy has said it will hold the rate at 12% until STRC shows sustained, healthy trading near $100.
If you're moving money out of a money market fund or CD, STRC is the most direct comparison. It targets capital stability plus yield, and it's the most liquid of the preferred stack. It also showed in 2026 that "stable" is not "guaranteed": it took a sharp drawdown when BTC dipped before recovering.
My read, October 2026: Strategy is buying STRC back rather than raising the rate, and it's still struggling to get back to par. I think they oversold it at launch and it wasn't ready for the volatility. A deeper dive is coming when I have the time.
Best for: Investors who want twice-monthly income, capital stability, and liquidity. The CD/money market upgrade — with 2026's drawdown in mind.
The highest yield, longest game. STRD is currently trading at a significant discount to par, which is why the yield looks so high (~14%). It pays $10/year — same as STRF — but from a junior position in the capital stack, which means higher yield in exchange for being lower priority.
The dividends are "optional" in the technical sense — but with Strategy holding 24 months of USD reserves and the ability to raise $750M in three weeks, most analysts consider the dividend essentially certain. STRD stands out for the combination of yield, price appreciation potential as the discount closes, and the return-of-capital tax treatment.
Best for: Long-term income investors comfortable with more price volatility who want maximum yield with upside potential as discount closes.
Covered Call ETFs
The income machine. MSTY **tracks MSTR via covered calls**: sells calls against MSTR exposure to harvest premiums. Outperforms down/flat (premium income), underperforms strong up (capped upside). Volatility = massive option income = sky-high yields.
Important: MSTY's NAV will decline over time if MSTR doesn't keep running. The high yield number is misleading if you're looking at total return. This is an income tool, not a growth tool. Best used as a monthly income stream while you understand you're trading upside for cash flow. Read the tax section before jumping in — MSTY distributions are often taxed as ordinary income, not return of capital.
⚠️ Read the tax section first. MSTY's distribution tax treatment is different from the preferred stocks. The high yield has a cost.
Closed and liquidated, August 2026. Bitwise shut down IMST along with five other option-income funds. The last trading day was July 31, 2026; anyone still holding shares was paid cash at NAV around August 10. Source: Bitwise announcement.
IMST used to be the wash-sale swap partner for MSTY. That pairing no longer exists; the tax page now points harvesters at the preferreds instead.