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STRC, the perpetual preferred equity issued by Strategy (MSTR), reclaimed its $100 par value during Wednesday’s U.S. session for the first time since mid-January. The move comes as STRC trading at or above par allows the company to resume at-the-market (ATM) offerings, which are used to help fund additional bitcoin acquisitions.
STRC last traded at the $100 level on Jan. 16, when bitcoin was hovering near $97,000. After bitcoin fell to as low as $60,000 by Feb. 5, STRC declined to a low of $93. Following a rebound, STRC has now returned to par, enabling Strategy to restart ATM issuance.
Positioned as a short-duration, high-yield credit instrument, STRC currently offers an 11.25% annual dividend distributed monthly. To help manage volatility and encourage trading near par, Strategy resets the dividend rate monthly; the rate has recently been increased to the current 11.25% yield.
Meanwhile, MSTR common stock fell 5% on Wednesday to close at $126, as bitcoin trades around $67,500.
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