Michael Saylor, executive chairman of Strategy (MSTR), said the largest public traded holder of bitcoin (BTC) increased the dividend rate on its preferred stock, Stretch (STRC), by 25 basis points to 11.25% for February. Strategy describes Stretch (STRC) as a short-duration, high-yield savings account. The increase is the sixth since STRC first traded in July 2025. STRC is a perpetual preferred stock that pays monthly cash distributions, with the dividend rate set each month to encourage trading near it ...

Strategy (MSTR) introduced its first non-U.S. perpetual preferred product, Stream (STRE), in November, aiming to tap demand across the European Economic Area (EEA). However, it didn't pan out the way Michael Saylor's firm intended. The preferred share was issued with a stated value of EUR100 ($115) per share, pays a 10% annual dividend, and sits above common equity in the capital structure. STRE was positioned as a European analogue to Stretch (STRC), the company’s high-yield money-market-style preferred ...

Core Insights - Strive's perpetual preferred equity (SATA) reached a par value of $100 for the first time, enabling the company to sell more stock to fund additional bitcoin purchases [1] - Strive currently holds 12,797 BTC on its balance sheet, with its common share priced at $0.94 and a preferred stock dividend rate of 12% [1] - The trading structure of SATA is similar to Strategy's (MSTR) Stretch (STRC), which also reached par earlier this month, allowing both companies to raise cash through at-the-market sales [2] Trading Volume and Market Activity - STRC recorded a trading volume of $755 million last week, with $582 million occurring above par value, marking the largest above-$100 volume to date [3] - Sustained trading at this level could enable Strategy to generate approximately 2,636 BTC through its ATM program [3] Executive Commentary - Michael Saylor, executive chairman of Strategy (MSTR), commented on the significance of both STRC and SATA reaching par, indicating the importance of perpetual preferred equities trading above par [4]

Group 1 - Bitcoin has retreated toward $90,000 after trading above $92,000 during the Asian session, influenced by tensions between Federal Reserve Chairman Jerome Powell and President Donald Trump [1] - Bitcoin is currently trading more like a levered technology stock rather than a neutral reserve hard asset, as indicated by its price action [3] - The Invesco QQQ ETF, linked to the Nasdaq 100, is down 1% in pre-market trading, reflecting broader market trends affecting Bitcoin [3] Group 2 - Traditional safe haven assets, gold and silver, are reaching new all-time highs, with gold trading near $4,600 per ounce and silver up over 5% at over $84 per ounce [2] - Gold and silver are now the first and second largest assets globally by market capitalization, valued at approximately $32 trillion and $4.7 trillion respectively [2] Group 3 - Strategy (MSTR) is slightly up as markets await confirmation of another Bitcoin purchase, indicating potential activity linked to its share sales program [4] - The perpetual preferred equity called Stretch (STRC) continues to trade at par, around $100, in pre-market trading [4]

Core Insights - Strategy's perpetual preferred share, Stretch (STRC), has reached a record high of $100.10, with a trading volume of 1 million shares, indicating strong market interest [1] - The company, as the largest holder of bitcoin, can utilize its at-the-market (ATM) offering against STRC to acquire more bitcoin, enhancing its investment strategy [2] - STRC currently offers an annualized return of 10.5%, paid monthly in cash, making it an attractive investment option [2] Financial Developments - The ATM offering, established on July 31, was previously on hold due to STRC not trading at par; the company raised STRC's dividend rate from 9% to encourage trading towards the $100 par value [3] - According to the latest 8-K filing, the company has $4.2 billion in available capacity for share issuance, providing significant funding potential for future investments [3] - Strategy has previously utilized ATM sales on other perpetual preferred products and common stock to fund bitcoin purchases, indicating a consistent strategy for capital raising [3] Market Performance - MSTR common shares have decreased by 15% this year, trading around $253, while the multiple to net asset value (mNAV) is approximately 1.3, highlighting the challenges faced by the company [4] - The successful issuance of perpetual preferred stock is crucial for the company to continue accumulating bitcoin without diluting existing shares [4] - STRC has seen a slight increase of 0.5% in pre-market trading, while MSTR shares have declined by 1% [4]