The iPhone moment for Michael Saylor’s preferred stock 'Stretch' at Strategy

Michael Saylor, executive chairman of Strategy (MSTR), the world’s largest public holder of bitcoin, introduced the firm’s fourth perpetual preferred equity offering, Stretch, (STRC), in late July. Saylor described STRC as Strategy’s iPhone moment, a breakthrough that redefines corporate finance. STRC, dubbed by the firm as "Short Duration High Yield Credit" Stretch, is a perpetual preferred stock designed to behave like a high yield, low volatility cash instrument. It pays an 11% annual dividend, distrib ...