Strategy’s preferred shares spell out an unfortunate acronym: FCKD
Strategy (formerly MicroStrategy) lists four preferred shares on US stock exchanges. In order of seniority, the terminal letters of their ticker symbols form a pattern: STRF, STRC, STRK, STRD. In other words, FCKD.
Social media users have been slowly catching onto the pattern, with jokes that just write themselves.
On November 3, the company announced plans to list strE on a non-US and non-stock exchange, the Euro MTF Luxembourg multilateral trading facility. STRE is not currently trading on any public market.
Aware of the growing joke, the company decided to rank STRE’s seniority beneath STRC, instead of STRK.
That is good, joked some fans of Strategy founder Michael Saylor, as STRE’s rank will ruin the spelling once it starts trading.
That is, of course, unless fans of Saylor can find another way to rearrange the letters F C E K D in another meaningful order besides their seniority.
Read more: Is MicroStrategy the bitcoin bank Hal Finney dreamed of?
Seniority refers to a security’s rank in a company’s stack of capital such as secured bonds (typically most senior) to common stock (typically least senior). All preferred shares of Strategy are junior to its bonds and senior to its common stock.
Several people have cheered on the FCKD joke, encouraging Saylor to issue a preferred stock with the ticker symbol STRU and then, of course, BEARS – a common nickname for investors with a negative outlook.
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