Security 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 August 19, 2026

Best for

BTCIInvestors who want to maximize current income — roughly 26.27%, 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

BTCI has lagged STRC over the trailing twelve months, posting a -38.84% total return against 10.53%. Measured from Jul 2025 — when the younger fund began trading — STRC has compounded at 12.77% a year versus -37.17% for BTCI. STRC has been the steadier holding, though — annualized volatility of 22.2% against 40.0% 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	1Y	Since Jul 2025	Volatility	Sharpe	Sortino	Max drawdown
BTCI	-23.30%	-38.84%	-37.17%	40.0%	-1.34	-1.74	-48.4%
STRC	3.04%	10.53%	12.77%	22.2%	0.25	0.36	-24.3%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jul 2025” measures every fund from July 30, 2025 — the youngest fund's first trading day — 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.

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
Last Close	$28.73 as of August 19, 2026	$94.01 as of August 19, 2026
Distribution yield	26.27%	13.78%
Distribution Safety Score™	46	79
Expense ratio	0.98%	—
AUM	$1.10B	—
Distribution frequency	Monthly	Semi-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 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	1.6764	—
Last dividend	$0.6289	$0.5000
Ex-dividend date	08/19/2026	08/31/2026

Bottom lineChoose BTCI if you want to maximize current income — roughly 26.27%, 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.

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$32.2B

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 — they take fundamentally different approaches.

BTCI offers the higher yield at 26.27% vs 13.78% for STRC. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

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.

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Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $218.92/month, while STRC would produce $114.83/month, at current distribution rates.

BTCI yield26.27%

STRC yield13.78%

Monthly diff on $10K$104.08

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 beta1.6764

STRC beta—

Security details

BTCI is managed by NEOS (launched 10/16/2024) with $1.10B in assets. STRC (Strategy Variable Rate Series A Perpetual Stretch Preferred Stock) is a preferred stock.

BTCI AUM$1.10B

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Frequently asked questions

What is the current distribution yield for BTCI and STRC?

BTCI currently distributes 26.27% and STRC 13.78%, based on fund data updated August 2026. Distribution yield 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.

What is the difference between BTCI and STRC?

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

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 46, 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 $218.92 per month ($2,627.00 annually). The same in STRC would produce about $114.83 per month ($1,378.00 annually).

Which has performed better historically, BTCI or STRC?

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BTCI vs STRC — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

BTCI is an ETF that holds bitcoin exchange-traded products and uses covered calls to generate a 27.62% distribution yield paid monthly. STRC is a perpetual preferred stock issued by MicroStrategy that pays a 6.29% variable dividend semi-monthly, reset monthly to stabilize its price around $100 par. The key distinction: BTCI targets high monthly income from bitcoin price appreciation plus call premium, while STRC offers lower but steadier income tied to MicroStrategy's preferred obligations.

How they differ

BTCI and STRC both capture bitcoin exposure but through entirely different structures. BTCI holds bitcoin ETPs and writes call options against them to harvest premium; STRC is a preferred equity instrument issued by MicroStrategy, a publicly traded company that owns bitcoin as a treasury asset. This matters: BTCI's yield comes from call decay and bitcoin appreciation captured below strike, while STRC's yield depends on MicroStrategy's ability and willingness to service its perpetual preferred dividend—a corporate credit obligation, not an options strategy.

BTCI distributes monthly and charges a 0.98% expense ratio; STRC pays semi-monthly with no published expense ratio and resets its rate monthly to defend a $100 par price. BTCI trades at $28.07 with a beta of 1.6764, meaning it amplifies bitcoin's swings; STRC trades at $94.78, closer to par, and has no reported beta—reflecting its fixed-income character rather than equity volatility. BTCI's $1.10B in assets is substantially larger and more liquid than STRC, which appears newly issued.

Who each is best for

BTCI: Fits investors who want monthly cash flow from bitcoin exposure without holding the asset directly, and who are comfortable with call writing's tradeoff of capped upside for premium income—particularly those seeking tax-efficient distributions.

STRC: Fits investors seeking lower-volatility income from bitcoin-correlated exposure through a preferred structure, willing to accept semi-monthly payment frequency and perpetual equity subordination in exchange for a variable rate designed to stabilize price around par.

Key risks to know

BTCI's distribution yield vastly exceeds typical equity returns. A 27.62% distribution rate implies either heavy use of return-of-capital treatment, aggressive call premium capture, or both. Since inception was October 2024, dividend history is short; sustained distributions at this level may erode NAV over time if underlying bitcoin appreciation and call premium cannot support them.

Options expiration and roll risk in BTCI. Call writing caps upside; if bitcoin rallies sharply, BTCI's covered positions may be called away or require rolling, locking in gains at predetermined strikes and reducing capture of further appreciation. Frequent rolling also creates reinvestment timing and slippage costs.

STRC is perpetual and subordinated. As a preferred stock, STRC has no maturity and ranks junior to MicroStrategy's debt. If the issuer faces financial stress, STRC dividends could be deferred or eliminated before senior bondholders take a loss. MicroStrategy's bitcoin holdings concentrate its assets, amplifying the company's cryptocurrency exposure.

MicroStrategy leverage and bitcoin price risk in STRC. MicroStrategy has used leverage to accumulate bitcoin, magnifying its gains in bull markets but also its losses in downturns. STRC holders bear that leverage risk indirectly through dividend sustainability.

Newly issued STRC has limited trading history. With an inception date of July 30, 2025, liquidity, actual dividend performance, and issuer credibility under stress remain untested.

Bottom line

If you prioritize high monthly income and can tolerate call-capped upside and significant volatility amplification (beta 1.68), BTCI delivers that through a more established, liquid vehicle. If you prefer lower volatility, semi-monthly payments, and income anchored closer to par value through a preferred structure—accepting perpetual subordination and single-issuer credit risk—STRC offers a different angle into bitcoin exposure. Both carry significant yield risk; verify that distributions you receive are not return-of-capital masking principal decline. 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.

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