Another piece of Strategy (MSTR) Executive Chairman Michael Saylor’s playbook looks to be taking shape after the company’s perpetual preferred share, Stretch (STRC), hit a record high of $100.10 with trading volume reaching 1 million shares.
The milestone is significant because it enables Strategy, the largest holder of bitcoin BTC$103,060.67, to utilize its at-the-market (ATM) offering against STRC to buy more of the largest cryptocurrency. STRC, described by the company as a short-duration, high-yield credit instrument, currently offers an annualized 10.5% return, paid monthly in cash.
The ATM, established on July 31, had been on hold because the instrument was not trading at par. The company raised STRC’s dividend rate, initially at 9%, to help push the trading price toward the $100 par value. According to the latest 8-K filing, the company has $4.2 billion in available capacity for share issuance.
Strategy has already used ATM sales on its other three perpetual preferred products —STRK, STFR and STRD — as well as its common stock to fund bitcoin purchases.
MSTR common shares have fallen 15% this year to around $253. With the multiple to net asset value (mNAV) hovering near 1.3, Saylor’s ability to issue perpetual preferred stock successfully will be key to continuing the company’s bitcoin accumulation in a non-dilutive manner.
STRC is up 0.5% in pre-market trading at $100.50 per share, while MSTR is down 1%.
Source: https://www.coindesk.com/markets/2025/11/06/another-piece-of-michael-saylor-s-bitcoin-strategy-may-be-falling-into-place
