A $100 billion pension fund might allocate 60% to fixed income and 40% to equities, but the fixed-income mandate prohibits it from buying even the highest-quality common stock. STRC solves this structural barrier. As a perpetual preferred equity that pays out variable-rate dividends while trading at par, STRC qualifies for fixed-income allocations despite providing indirect Bitcoin exposure. The security pays quarterly dividends, offers priority claim over common shareholders in liquidation scenarios, and trades on public markets with daily liquidity. For fixed-income portfolio managers seeking Bitcoin exposure without violating their mandates, STRC represents the only viable option beyond Bitcoin ETFs. And unlike spot ETFs that simply track price, STRC provides both yield and exposure to Strategy’s systematic accumulation strategy.