Bitcoin
Strategy's STRC Preferred Shares Climb Above $90 After 24% Rally
Strategy's variable-rate preferred stock recovered nearly a quarter of its losses from June as the company deployed cash reserves and bought back shares.
Strategy's preferred stock STRC closed above $90 for the first time in seven weeks, reaching $92.32 on Monday and recovering nearly 24% from its June 26 low of $74.57.
The rebound followed several actions by Strategy to support the security. The company sold 1,638 Bitcoin for $104.7 million and allocated half that sum, $52.4 million, toward preferred dividends while using $52.3 million for STRC buybacks. Additionally, Strategy raised $290.6 million through share sales, directing $250 million to build its dollar reserve and $28.9 million toward further STRC repurchases. The company bought back 912,143 STRC shares for $81.2 million and expanded its dollar reserve to $4 billion.
STRC is a perpetual preferred stock with a monthly adjustable dividend rate designed to keep the shares trading near their $100 stated value. Despite the recovery, the stock remains below that target range.
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