BlackRock just added another $7 million worth of Strategy Inc.’s preferred shares to its iShares Preferred and Income Securities ETF, bringing total holdings to $656 million. For a company that rebranded from MicroStrategy to lean harder into its identity as a Bitcoin treasury firm, having the world’s largest asset manager steadily accumulate your preferred equity is about as strong a vote of confidence as it gets.
The purchase spanned four separate preferred share series issued by Strategy, reinforcing that this isn’t a one-off allocation but a deliberate, diversified bet across the company’s capital structure.
What PFF is actually buying
The iShares Preferred and Income Securities ETF, ticker PFF, is one of the largest preferred stock ETFs in existence. It’s designed for investors who want bond-like income with a slightly different risk profile, where you get priority over common shareholders for dividends but typically don’t get much upside if the stock price moons.
Strategy’s preferred instruments, including series like STRC, STRF, STRK, and STRD, are largely perpetual securities, meaning they don’t have a maturity date, and they pay variable or fixed dividends. STRC, sometimes called “Stretch,” currently offers a dividend yield in the neighborhood of 11.5-12% annually, paid in cash.
