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Which Digital Credit Pays the Most Right Now?
DDC’s proposed SVOR would pay dividends each business day and yield 16.9% at the $20 direct offering price.
Bitcoin Treasuries
November 11, 2026
Welcome to the first issue of Digital Credit Weekly. Each week, we’ll cover new preferred shares from digital asset treasury companies, how those shares trade and what they yield.
Strategy spent $188.3 million buying back STRC, more than twice what it spent on Bitcoin. DDC’s proposed SAVOR could pay up to $4 a share in Bitcoin-linked bonuses. Smarter Web bought back MORE in a week when the shares gained 7.59%. Strive’s SATS topped our yield table at 15.71%, while the 10-year U.S. Treasury yielded 4.88%. Here's what mattered.
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What DDC Is Offering at $20
DDC Enterprise filed preliminary terms for its SAVOR (SVOR) preferred on November 4. The annual dividend is 13.5% of the $25 stated value, or $3.375 a share. At the $20 price in the registered direct offering, that works out to 16.875% a year, with cash payments each business day.
DDC would set aside at least a year of dividends in cash. It also plans to pay up to $4 a share in one-time bonuses tied to Bitcoin holding at or above $180,000, $250,000 and $350,000 for ten consecutive trading days at each threshold. Investors agreed to buy $24 million in the direct sale, subject to closing conditions. The public offering price and NYSE American listing are still pending.
At those terms, SVOR’s initial cash yield would sit about 117 basis points above SATS, the highest-yielding listed preferred in our November 9 snapshot at 15.71%. That comparison excludes the conditional bonuses. SVOR is still a proposed offering, so it is not included in the traded market table.
Compare the listed preferreds by yield and trading volume, then use DDC’s company page to follow the issuer’s Bitcoin holdings and BTC per share alongside its financing news.
Digital credit market snapshot, November 10
Ticker | Close | Weekly change | Yield |
|---|---|---|---|
$99.89 | −0.04% | 12.01% | |
$102.44 | +0.38% | 9.76% | |
$67.26 | −0.65% | 11.89% | |
$68.50 | −2.52% | 14.60% | |
$96.31 | +0.80% | 13.50% | |
$95.49 | +2.84% | 15.71% | |
£84.50 | +0.60% | 14.20% | |
$9.98 | −0.20% | 14.03% | |
$97.48 | −0.37% | 9.75% |
Price changes compare the November 2 and November 10 closes and exclude dividends. Yields use annual dividends divided by closing prices. MORE trades in sterling. SVOR is excluded pending listing.
CHAD’s 14.03% yield uses the new 14% annual dividend rate effective November 2. BMNP’s 9.75% yield reflects a fixed 9.5% dividend on stated value and a price below par. Use the dashboard’s Yield and Premium/Discount to Par charts to compare the income rate with the price you would pay.Check out Digital Credit Dashboard
Strategy Spent More Than Twice as Much on STRC as on Bitcoin
Strategy netted $283.8 million selling MSTR common stock from November 2 through 8. It spent $188.3 million buying back 1,887,464 STRC shares and $81.9 million buying 1,036 BTC. It kept the remaining $13.6 million in U.S. dollar cash and issued no new preferred shares that week.
The next question is whether STRC stays near $100 and new issuance resumes. Our STRC tracker shows price, volume and estimates of Bitcoin purchases funded through STRC issuance. Those estimates are separate from this week’s reported Bitcoin purchases, which were funded by MSTR common stock.
Smarter Web bought back 1,775 MORE shares on November 3 at £80.354 apiece, spending £142,985 from existing cash and holding the shares in treasury. Follow MORE’s price and yield after its 0.60% weekly gain.
Strive reported 33,141 more SATS shares, adding about $3.3 million in stated value, while SATA’s share count held steady. Compare SATS with SATA to follow their yields as the share counts change.
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STRC Yielded 703 Basis Points Above the 10-Year
The 10-year U.S. Treasury yield was 4.98% on November 10. STRC closed at $99.89, eleven cents below its $100 stated value, and yielded 12.01%, a gap of about 703 basis points. CHAD yielded about 905 basis points above the benchmark and BMNP about 477.
Listed U.S. dollar preferreds, ranked by effective yield at the November 10 close. This compares securities, not maturities. MORE’s 14.20% sterling yield belongs against a UK gilt benchmark.
SATS offered 3.70 percentage points more annual income yield than STRC at those prices. The curve does not capture price losses or differences in dividend terms. Use Yield Over Time and Yield Spread vs Treasury to see whether the income gap is widening or narrowing, then compare trading volumes before choosing which security to investigate further.
On the Radar
SVOR - Watch for public pricing, the closing and the first trading date.
STRC - Will Strategy keep buying back STRC near $100?
MORE - Trades ex-dividend on November 12 for its £0.2301 weekly payout.
BMNP - Bitmine’s next scheduled payment is November 13.
Special thanks to our partners:
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