Strategy’s MSTR$128.78·收盘时 perpetual preferred stock, Stretch STRC$97.11·收盘时, continues to struggle to reach its $100 par value despite the company’s ongoing repurchase efforts.
The bitcoin treasury company has now spent $635.2 million buying back STRC, which currently trades at $97.34. The company introduced a $1 billion repurchase authorization that has helped lift STRC from a low of around $71 to approximately $97.
The repurchases have increased in size as STRC’s price has climbed. Strategy’s latest purchase totaled $151.8 million at an average price of $97.48.
Strategy meanwhile purchased bitcoin for the first time in two months, acquiring 4,603 $BTC for $369.7 million last week, at around $80,000. The purchase increased its total holdings to 845,050 $BTC ($65.9 billion).
Competition from Strive’s ASST$23.94·收盘时 perpetual preferred stock, SATA, appears to be one of STRC’s challenges. SATA offers a 13% annualized dividend rate with daily payments, compared with STRC’s 12% annualized rate paid semi-monthly. SATA has remained around its $100 par value for more than a week, allowing Strive to issue additional shares through its at-the-market program. The proceeds helped fund the company’s purchase of 1,800 $BTC over the past week.
The divergence is also evident in the companies’ common shares. ASST has gained 60% year to date, while MSTR has fallen 15%.
Bitcoin NewsMicroStrategy Related Stocks Market Closed Strategy Inc$128.783.13% Strategy Stretch Preferred$97.110.01% Strive$23.941.16%
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