Treasury Preferred Shares — BTC-Backed Preferred Shares Explained

Treasury Preferred Shares cover Bitcoin Treasury Preferred Shares — instruments issued by companies that hold large Bitcoin reserves. Key instruments include STRF, STRK, STRC, STRD, STRE, and SATA. The critical metric is SDACR: SDACR = ((BTC Holdings x BTC Price) - Senior Debt) / Total Preferred Obligations. A higher SDACR means more BTC coverage. Providers are scored on: BTC coverage (30%), income mechanism (25%), market risk (20%), convertibility (17%), and issuer maturity (8%). HV30 above 35% triggers a hard cap on the market risk criterion.