ETF Comparison

BTCI vs STRC: Which Is the Better Pick in 2026?

A head-to-head comparison of NEOS Bitcoin High Income ETF and Strategy Variable Rate Series A Perpetual Stretch Preferred Stock covering yield, cost, risk, and income potential.

Data updated May 20, 2026

NEOS

ETFs19

Total AUM$25.4B

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

NEOS is known for specializing in income-focused ETFs that employ option strategies and enhanced yield mechanisms across equities, fixed income, and alternative assets. The firm operates 19 funds organized around themes including covered call strategies (such as QQQH, SPYH, and QQQI), high-income equity products, hedged equity income, and enhanced fixed income solutions, with notable tickers covering broad market indices and technology-heavy benchmarks. NEOS distinguishes itself through a niche focus on yield enhancement and income generation across diverse asset classes, catering to investors seeking above-market distributions through systematic option writing and alternative income strategies.

See our curated list of related YouTube videos on BTCI.

See all NEOS ETFs

Strategy

ETFs1

Total AUM—

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

Strategy operates a focused lineup of two ETFs (STRC and STRK) that concentrate on preferred stock investing, a niche segment within the fixed income and income-generation space. The issuer specializes in providing investors with targeted exposure to preferred securities, which typically offer higher yields than traditional bonds while maintaining equity-like characteristics. This specialized approach appeals to income-focused investors seeking alternative sources of dividend and distribution returns.

See our curated list of related YouTube videos on STRC.

See all Strategy ETFs

Side-by-side snapshot

	BTCI	STRC
Full name	NEOS Bitcoin High Income ETF	Strategy Variable Rate Series A Perpetual Stretch Preferred Stock
Issuer	NEOS	Strategy
Last Close	$36.07 as of May 20, 2026	$98.61 as of May 20, 2026
Distribution yield	26.25%	11.66%
Expense ratio	0.98%	—
AUM	$834M	—
Distribution frequency	Monthly	Monthly
Underlying index	Bitcoin ETPs	Preferred equity security issued by MicroStrategy Incorporated.
Objective	Seeks to generate high monthly income with potential appreciation through bitcoin exposure.	Stretch (STRC) is Strategy’s perpetual preferred stock that currently pays 10.50% annual dividends, payable monthly in cash. STRC’s dividend rate is adjusted monthly 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	07/30/2025
Last dividend	$0.80	$0.96
Ex-dividend date	04/22/2026	05/15/2026

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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.

Quick verdict

BTCI (NEOS Bitcoin High Income ETF) and STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) are both monthly-pay dividend ETFs, but they take different approaches.

BTCI offers the higher yield at 26.25% vs 11.66% for STRC. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

STRC is cheaper with an expense ratio of compared to 0.98%.

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

Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $218.75/month, while STRC would produce $97.17/month, at current distribution rates. Both pay monthly distributions.

BTCI yield26.25%

STRC yield11.66%

Monthly diff on $10K$121.58

Cost & efficiency

Over 10 years on $10,000, BTCI would cost approximately $980 in fees vs $0 for STRC (simplified, not compounded). The $980.00 difference may be offset by yield or performance.

BTCI ER0.98%

STRC ER—

Strategy & risk

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

Fund details

BTCI is managed by NEOS (launched 10/16/2024) with $834M in assets. STRC is managed by Strategy (launched 07/30/2025) with — in assets.

BTCI AUM$834M

STRC AUM—

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Frequently asked questions

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.

What is the difference between BTCI and STRC?

BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto strategy, while STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) tracks Preferred equity security issued by MicroStrategy Incorporated. with a cash approach. They are issued by NEOS and Strategy respectively.

Can I hold both BTCI and STRC?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, BTCI or STRC?

BTCI has an expense ratio of 0.98% while STRC charges —. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in BTCI would generate roughly $218.75 per month ($2,625.00 annually). The same in STRC would produce about $97.17 per month ($1,166.00 annually).

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BTCI vs STRC — at a glance

Generated April 2026 from current fund data.

Overview

BTCI and STRC are fundamentally different income vehicles that happen to offer monthly distributions. BTCI is a bitcoin options-overlay ETF launched in October 2024 that targets a 27.80% distribution rate by writing covered calls against bitcoin holdings. STRC is a perpetual preferred stock issued by MicroStrategy that pays a floating-rate dividend (currently 10.50% annually, or 11.45% on a distribution-rate basis) designed to stay anchored near $100 par value. They represent opposite ends of the income-generation spectrum: cryptocurrency derivatives strategy versus floating-rate preferred equity.

How they differ

BTCI's strategy is structurally aggressive—it generates distributions primarily through options premiums written against its bitcoin holdings, not underlying bitcoin appreciation. The 27.80% distribution rate far exceeds the SEC 30-day yield of 2.59%, a red flag suggesting heavy reliance on return-of-capital treatment. STRC, by contrast, issues actual cash dividends from its corporate obligation, with a 11.45% distribution rate that aligns closely with the stated 10.50% coupon, and maintains a price target of $100 par through monthly rate resets.

The second major difference is underlying risk. BTCI depends on bitcoin price stability and ongoing call-premium collection to sustain distributions; the 52-week price range of $30.89–$65.97 shows volatility that can impair the income strategy if bitcoin rallies sharply. STRC is anchored to a single corporate credit (MicroStrategy), trading a much tighter band ($90.52–$100.42), and its dividend rate adjusts monthly to manage price drift.

Fee and tax treatment differ as well. BTCI charges 0.98% in annual expenses and is tagged as "tax efficient," suggesting optimized options-overlay mechanics. STRC has no disclosed expense ratio and operates as a preferred stock security, likely generating qualified dividend income for taxable accounts. Finally, BTCI is newer ($833.9M AUM, launched October 2024) and larger in absolute assets; STRC is smaller and newer still (July 2025 inception), implying less operating history on either side.

Who each is best for

BTCI: Investors with high risk tolerance, a short time horizon, and bitcoin conviction who can tolerate monthly NAV volatility and understand that a 27.80% advertised rate partly reflects return of capital rather than yield from underlying performance. Better suited for tax-advantaged accounts where the return-of-capital component doesn't create basis-tracking complexity.

STRC: Conservative income seekers or preferred-stock specialists who want a floating-rate instrument that resets monthly to defend against duration and credit events. Suitable for taxable accounts if qualified dividend treatment applies, and for investors comfortable holding a single-stock credit risk (MicroStrategy) as the sole issuer.

Key risks to know

NAV erosion from distribution structure (BTCI). The 27.80% distribution rate significantly exceeds the 2.59% SEC yield, suggesting distributions include substantial return of capital. If call-premium collection weakens or bitcoin volatility declines, maintaining this payout could erode NAV over time.

Bitcoin price-strategy mismatch (BTCI). If bitcoin rallies sharply, covered calls cap upside and the options premiums shrink, forcing the fund to either cut distributions or accelerate capital distribution. Conversely, a sharp bitcoin decline reduces call premiums and leaves the fund short on income without offsetting appreciation.

MicroStrategy credit concentration (STRC). As a perpetual preferred issued by a single company, STRC carries full issuer risk. MicroStrategy's financial condition, leverage, and business model directly determine the security's credit quality and the sustainability of its stated dividend.

Preferred-stock duration risk (STRC). Perpetuals have no maturity date and behave like long-duration bonds. Rising interest rates can pressure the price below par even as the dividend rate resets upward, creating mark-to-market losses for holders.

Limited operating history. BTCI (October 2024) and STRC (July 2025) are both new. Neither has weathered a full market cycle or demonstrated distribution stability through adverse conditions.

Bottom line

BTCI chases maximum monthly income through options leverage on bitcoin, accepting significant NAV volatility and return-of-capital mechanics in exchange for headline yield. STRC trades lower yield for credit and price stability through a floating-rate structure anchored to par. If you want cryptocurrency exposure with aggressive income and can tolerate monthly price swings, BTCI delivers; if you prefer fixed-income characteristics with modest yield and single-name credit risk, STRC is the play. Neither offers a margin of safety—both are tactical income tools, not core holdings. Past performance does not predict future results.

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