According to Michael Saylor (@saylor), $STRD began trading on Nasdaq today as the third Bitcoin-backed preferred stock issued by @Strategy, offering fixed income secured by BTC. This listing marks a significant step in integrating cryptocurrency with traditional equity markets, providing traders with a new vehicle for BTC exposure and hedged income strategies. As $STRD is directly secured by Bitcoin, its performance and liquidity may influence BTC spot pricing and derivatives, making it a critical watch for crypto market participants (source: @saylor, June 11, 2025).