Strategy's variable-rate perpetual preferred stock ("Stretch"), designed to trade near par via adjustable monthly dividends.
Strive's SATA preferred stock raised an estimated $55 million this week through its at-the-market program, enough for about 638 bitcoin. Nearly all of it came on the two days the shares held their $100 par, because issuance stops below that price.
Reality
Strategy shares closed at $151.47 on October 8, about 11% below their weekly high, as Bitcoin fell 6.3% from its peak. The stock moved about 1.7 times as much as Bitcoin both that week and across September, short of the more-than-double swing The Crypto Times calls typical.
Reality
Strategy's own buybacks made up over 20% of weekly STRC trading in most of September, Keyrock found. For holders the larger exposure is the price, since Keyrock found STRC four to eight times less liquid once it drifts more than 1% from its $100 par.
Reality
Strategy will let only common shareholders vote on October 28 on moving STRC preferred to daily dividends from November 1. The rate and total payout stay the same, though STRC holders voted when Strategy last changed their payment schedule in May.
Perspective Coverage
3 publishersReality
Strategy spent $176 million buying back its STRC preferred last week, about six times the $28.7 million it paid for 334 bitcoin. At $85,838.80 a coin, even that small purchase lifted the company's $75,440.70 average cost.
Perspective Coverage
6 publishersReality
Strategy spent $151.7 million buying back STRC preferred stock and $142.7 million on 1,665 Bitcoin in the week covered by its Sept. 28 filing. Its $18.84 billion of unsold common stock can fund more of both, though Michael Saylor's Oct. 4 post confirms no new purchase.
Reality
Michael Saylor explained on September 29 that Strategy pays preferred dividends from a dedicated USD Reserve because its Bitcoin produces no cash. STRC's yield therefore depends on Strategy's continued ability to sell new shares.
Reality
Strategy kept the annualized dividend on its STRC preferred stock at 12% for October, a fourth straight month at that rate after a 9% launch in July 2025. Each dollar it raises this way to buy bitcoin now costs 12 cents a year, a third more than at launch.
Reality
Smarter Web Company plans to raise £15 million to £25 million with MORE, the first preferred share from a UK corporate Bitcoin holder, pending FCA approval. How much it raises, and at what dividend, is an early check on Michael Saylor's claim that Bitcoin-backed credit issuers enlarge each other's market.
Reality
Strategy sold $246.2 million of new common stock last week and put $103.5 million of it into buying back STRC preferred below its $100 par. Those same common holders decide on October 28 whether the four preferreds move to daily dividends.
Reality
Strategy spent $151.7 million retiring STRC preferred in the week to September 27, more than the $142.7 million it paid for 1,665 bitcoin. MSTR stock sales paid for most of both, so common shareholders are now paying to shrink the company's preferred stock.
Perspective Coverage
3 publishersReality
The asset manager paid for the coins with fresh common and preferred stock. Back out the two disclosed percentages and the fully diluted share count grew about 4% in a single week.
Perspective Coverage
4 publishersReality
A ten-week gap in purchases produced a $1.59bn dollar reserve, and the roughly 3,588 coins sold in July to meet dividend obligations show where cash has to come from when the asset on the balance sheet pays none.
Perspective Coverage
6 publishersReality
Strategy's second straight week of buying its own preferreds cost $139.3 million and captured roughly $2.74 million of discount to the $100 stated value. The cash pool that funded it held $1.30 billion on September 13.
Perspective Coverage
3 publishersReality
Strive paid for last week's 469 bitcoin entirely with preferred stock. The coupon on its $1.04 billion of SATA is 13%, charged every business day, against a treasury of 25,000 coins. Warrants struck at $27 expire in mid-October.
Perspective Coverage
3 publishersReality
One price level separates a paper loss from a paper profit at Michael Saylor's company. The cushion on 840,447 coins works out to $3,015 each.
Reality