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STRC unraveled at dawn, once plunging to $82.7, and closed at $88.8.

MarsBitNews
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Mars Finance News, June 19—According to market data, Strategy (MicroStrategy) issued “Stretch” variable-rate perpetual preferred stock STRC has severely decoupled from its peg, setting a new recent low. Early this morning, it plunged to a low of $82.7, and the closing price was $88.8. It is reported that STRC is a preferred stock that Strategy uses to finance purchases of Bitcoin in the market. Its par value is roughly pegged to $100 and it pays higher dividends; the dividend rate is adjusted based on market price conditions, with the goal of keeping it trading as close to par value as possible. STRC’s large decoupling suggests that the market is demanding higher yields, and also indicates that investors’ confidence in its credit/dividend stability has declined. Strategy previously relied heavily on issuing STRC to finance Bitcoin purchases; if the STRC price falls below par value, issuing new STRC is no longer worthwhile for the company—effectively meaning borrowing at a higher cost. As a result, its “ability to continue buying Bitcoin” will be weakened.
BTC-1.83%
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