STRC · Variable Rate Series A Perpetual Stretch Preferred Stock
Glossary · The treasury-company numbers Capitalist
Strategy’s variable-rate perpetual preferred stock, $100 stated value, built to trade at par. The dividend rate is reviewed monthly and paid in cash, and Strategy’s stated objective is a trading price of $99 to $100, with a policy of not issuing new shares below par. Holders have a claim on Strategy, not on its bitcoin: every preferred is unsecured and every dividend is subject to board declaration.
The front of the credit stack and the paper Strategy defends first. The filings report it in three numbers: USD Reserve (cash set aside for dividends), USD Duration (how many years that cash covers) and STRC BTC Credit (the spread the market charges, in basis points). When Strategy retires STRC instead of buying coin, that is the wrapper defending itself.
Coverage
- Aug 24STRATEGY SOLD $2 BILLION IN STOCK THIS WEEK — AND NOT ONE BITCOIN — BUILDS $6.7 BILLION DRY POWDER, BUYS BACK $136M IN STRC
- Aug 10STRATEGY RAISES $650M, RETIRES $109M STRC — BTC RESERVE DROPS TO 840,447 AS FORTRESS SWALLOWS THE FLYWHEEL
- Sep 1UPDATED: A TOKEN ON A NOTE ON A SHARE ON A COIN — BITFINEX WILL SELL YOU A SLICE OF STRC ON A BITCOIN SIDECHAIN
- Sep 1"PAID BY SELLING MORE SHARES OF STRC" — SCHIFF NAMED THE MECHANISM IN APRIL — SIX STRAIGHT FILINGS SHOW NOT ONE SHARE SOLD SINCE JULY, AND THE DIVIDEND WENT UP
- Sep 1STRATEGY HAS SPENT $635 MILLION TO MOVE A SHARE $2.66 — PAR IS THE DOOR TO BUYING BITCOIN WITHOUT DILUTING MSTR — LAST WEEK THEY DILUTED MSTR TO GET THERE