A junk-status perpetual preferred equity, positioned last on the capital stack, offering a higher-risk way to gain exposure to a Bitcoin-backed asset.

Mentioned as the safest and most senior instrument in MicroStrategy's capital structure, positioned just above the new STRC preferred stock in terms of security.

A non-redeemable debt instrument that cannot be called away by the company, offering potential for significant appreciation and making it attractive for long-term income investors.