STRC Tops $90 After 24% Rebound Since June Low
Strategy’s variable-rate preferred stock STRC closed at $92.32 Monday, the first session above $90 since June 16, up about 24% from its June 26 low of $74.57.
STRC closed at $92.32 on Monday, up 3.2% from Friday’s $89.46, marking the first close above $90 since June 16. The preferred has risen roughly 24% from its June 26 low of $74.57.
The recent gains leave STRC below the company’s stated target trading range of $99 to $100.
An 8-K filing shows Strategy sold 1,638 Bitcoin for $104.7 million. The filing reports about $52.4 million of the proceeds funded preferred-stock dividends and about $52.3 million was used to repurchase STRC shares.
The company additionally raised $290.6 million through sales of its common MSTR shares. It directed $250 million to its dollar reserve and used $28.9 million for further STRC repurchases. The filing shows Strategy repurchased 912,143 STRC shares for $81.2 million and that the dollar reserve rose to $4 billion.
STRC is a perpetual preferred stock with a dividend rate that can be adjusted monthly. The dividend structure is intended to encourage trading near the $100 par amount.
Volatility in late June prompted investor concern about the company’s balance sheet and preferred-stock funding. The 8-K discloses the asset sales and share repurchases as actions to support preferred dividend payments and improve liquidity.
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