Security Comparison

BTCI vs STRC: An Options Overlay on Bitcoin, or a Preferred Stock?

A head-to-head of NEOS Bitcoin High Income and Strategy's stretch preferred covering structure, cash, and NAV.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

BTCIInvestors who want to maximize current income — roughly 25.42%, generated by selling options premium.
STRCInvestors who want the steadier, bond-like income of a preferred security.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

BTCI has lagged STRC over the trailing twelve months, posting a -26.67% total return against 14.61%. Measured from Jul 2025 — the start of shared available history — STRC has compounded at 17.49% a year versus -22.81% for BTCI. STRC has been the steadier holding, though — annualized volatility of 22.1% against 40.6% for BTCI. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	YTD cumulative	1Y cumulative	Since Jul 2025	Volatility	Sharpe	Sortino	Max drawdown
BTCI	-7.65%	-26.67%	-22.81%	40.6%	-0.87	-1.18	-48.4%
STRC	9.70%	14.61%	17.49%	22.1%	0.41	0.61	-24.3%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jul 2025” measures every fund from July 30, 2025 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate and SEC yield

Metric	BTCI	STRC
Forward distribution rate	25.42%	12.07%
Trailing 12-month yield	29.88%	11.86%
30-day SEC yield	1.35%	—

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on BTCI vs BTC-USD.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	BTCI	STRC
Full name	NEOS Bitcoin High Income ETF	Strategy Variable Rate Series A Perpetual Stretch Preferred Stock
Issuer	NEOS	Strategy Inc.
Underlying index	Bitcoin ETPs	Preferred equity security issued by MicroStrategy Incorporated.
Last Close	$33.92 as of October 2, 2026	$99.41 as of October 2, 2026
Distribution rate	25.42%	12.07%
Trailing 12-month yield	29.88%	11.86%
30-day SEC yield	1.35%	—
Distribution Safety Score™	51	79
Safety-Adjusted Yield	12.96%	9.54%
Expense ratio	0.98%	—
AUM	$1.38B	—
Distribution frequency	Monthly	Semi-Monthly
Objective	Seeks to generate high monthly income with potential appreciation through bitcoin exposure.	Stretch (STRC) is Strategy’s perpetual preferred stock that pays a variable cash dividend twice a month (semi-monthly) — most recently $0.50 per share per payment, an annualized rate of about 12% on its $100 par value. STRC’s dividend rate is reset each month to encourage trading around STRC’s $100 par value and to help strip away price volatility.
Asset class	Equity	Equity
Inception date	10/16/2024	N/A
Beta	1.48	—
Last dividend	$0.7184	$0.50 declared, pays 10/31/2026
Ex-dividend date	09/16/2026	10/15/2026 upcoming

Bottom lineChoose BTCI if you want to maximize current income — roughly 25.42%, generated by selling options premium. Choose STRC if you want the steadier, bond-like income of a preferred security. There's no free lunch: BTCI's payout comes from selling options, which caps upside and can erode the share price over time, while STRC keeps full price exposure.

Bitcoin option income versus a preferred coupon

BTCI overlays bitcoin for cash. STRC is a preferred stock from Strategy. Wrapper and NAV path differ more than a yield table.

	BTCI	STRC
Wrapper	Bitcoin income ETF (options overlay)	Preferred stock
Expense ratio	0.98%	—
Distribution rate	25.42%	12.07%

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

Capped upside and premium dependence. BTCI generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Crypto volatility. BTCI sits on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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NEOS

ETFs19

Total AUM$34.7B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

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Quick verdict

BTCI (NEOS Bitcoin High Income ETF) is an ETF, while STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is a preferred stock — their trading structures differ.

BTCI offers the higher yield at 25.42% vs 12.07% for STRC. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

They have different reference exposures: BTCI is linked to Bitcoin ETPs while STRC is linked to Preferred equity security issued by MicroStrategy Incorporated., which means their performance drivers differ.

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Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $211.83 cash per distribution, while STRC would produce $50.29 cash per distribution, at current distribution rates.

BTCI yield25.42%

STRC yield12.07%

Cash diff on $10K$161.54

Cost & efficiency

BTCI charges a 0.98% expense ratio — roughly $980 over 10 years on $10,000 (simplified, not compounded). STRC is a preferred stock, not a fund, so it charges no expense ratio.

BTCI ER0.98%

Strategy & risk

BTCI tracks Bitcoin ETPs with a crypto approach, while STRC tracks Preferred equity security issued by MicroStrategy Incorporated. with a bitcoin approach.

BTCI beta1.48

STRC beta—

Security details

BTCI is managed by NEOS (launched 10/16/2024) with $1.38B in assets. STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is a preferred stock.

BTCI AUM$1.38B

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Frequently asked questions

Does BTCI have NAV erosion?

BTCI (NEOS Bitcoin High Income ETF) sells options on bitcoin exposure for cash. Option-income funds can lag a strong rally because upside is capped, which shows up in NAV path — not as a scheduled decay clock. STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is a preferred stock, not an overlay ETF. BTCI distributes 25.42% against 12.07% as of October 2026 and costs 0.98%. Compare total return and NAV trend alongside the yield.

What is the current distribution rate for BTCI and STRC?

BTCI currently distributes 25.42% and STRC 12.07%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is BTCI or STRC better for dividend income?

It depends on your goals. BTCI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both BTCI and STRC?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is BTCI or STRC safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — STRC scores 79, BTCI scores 51, so STRC's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, BTCI or STRC?

BTCI charges a 0.98% expense ratio. STRC is a preferred stock, not a fund, so it has no expense ratio — owning it directly costs nothing in ongoing fund fees.

How much income does $10,000 in BTCI vs STRC generate?

At current rates, $10,000 in BTCI would generate roughly $211.83 cash per distribution ($2,542.00 annually). The same in STRC would produce about $50.29 cash per distribution ($1,207.00 annually).

Which has performed better historically, BTCI or STRC?

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BTCI vs STRC — at a glance

Generated October 4, 2026.

Overview

BTCI is an ETF that holds bitcoin exchange-traded products and sells covered calls monthly to generate high income. STRC is a perpetual preferred stock issued by MicroStrategy, a bitcoin-holding company, with a variable dividend reset monthly to stabilize price around par. Both securities offer exposure to bitcoin's value and generate monthly or semi-monthly cash flow, but through fundamentally different structures: BTCI uses options overlay on crypto holdings, while STRC is a corporate preferred equity instrument with contractual dividend mechanics.

How they differ

BTCI's 25.42% yield comes from option premiums layered on top of bitcoin price appreciation, whereas STRC's 12.07% yield is a contractual obligation of preferred equity with no options component. BTCI has a 1.48 of 1.48, indicating it will move more sharply than its underlying bitcoin holdings in either direction. BTCI began trading in October 2024; STRC launched in July 2025, making both relatively recent entrants. The critical structural difference is distribution source: BTCI's high yield depends on sustained call-writing activity and bitcoin volatility, while STRC's yield depends on MicroStrategy's ability and willingness to pay a contractual preferred dividend.

Who each is best for

BTCI: Fits investors comfortable with leverage-like volatility and synthetic-income strategies who want monthly cash flow and are willing to accept call-writing drag on appreciation in exchange for outsized current income.

STRC: Designed for investors seeking a preferred-equity structure with bitcoin exposure via a single company rather than a portfolio, comfortable with MicroStrategy's credit risk, and valuing the variable-reset mechanism that aims to keep the security trading near par.

Key risks to know

NAV and distribution sustainability at 25%+ yield (BTCI). A distribution rate of 25.42% requires consistent option premium collection and leaves little room for asset appreciation to cover payouts. If call writing becomes less lucrative or bitcoin volatility drops, the fund may face pressure to reduce distributions or rely on return-of-capital treatment, eroding NAV over time.

Covered call drag on bitcoin upside (BTCI). By systematically selling call options, BTCI caps appreciation on the upside. During strong bitcoin rallies, the fund's gains will lag a simple bitcoin holding because calls will be exercised away, crystallizing gains for the fund but preventing shareholders from capturing the full move.

Single-issuer credit risk (STRC). As a preferred stock issued by MicroStrategy, STRC depends entirely on that company's financial health and dividend-payment commitment. MicroStrategy's heavy bitcoin holdings mean the company's credit condition is tightly linked to bitcoin volatility; a sharp, sustained decline in bitcoin could threaten the company's ability to service preferred dividends. Wide bid-ask spreads or limited depth could make entry and exit costly, especially during market stress.

Options-expiration timing and roll risk (BTCI). Call writing occurs on a monthly schedule. If bitcoin rallies sharply near month-end, call premiums may be low, and rolling calls at unfavorable prices reduces income. Conversely, sharp intra-month selloffs leave call writers unable to benefit from rebounds.

Bottom line

If you prioritize monthly income and are comfortable with leverage-like volatility and capped upside from covered calls, BTCI's options-overlay approach generates income through a different mechanism than STRC's preferred-equity model. If you prefer a simpler structure closer to par value with price-stabilization mechanics but are willing to depend on a single corporation's credit, STRC presents a distinct investor profile. Both offer bitcoin exposure paired with high current income; neither should be held without understanding that past performance—especially in a nascent fund like BTCI and a newly issued preferred like STRC—does not predict future distribution stability or NAV behavior.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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These comparisons follow the Dividend Vision methodology.