MSTR Introduces New Preferred Stock With Initial 9% Dividend | Strategy Announces Pricing of STRC…

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MSTR Introduces New Preferred Stock With Initial 9% Dividend

Strategy Inc. (MSTR), the Bitcoin treasury company that recently rebranded from enterprise software firm MicroStrategy, is introducing a variable-rate preferred stock with an initial dividend of 9% per year.

The “Stretch” stock STRC’s public offering price is $90 per share, and the firm estimates that the net proceeds from the offering will be approximately $2.5 billion, according to a press release published Friday.

The stated intent is that the rate on the preferred stock will be adjusted to keep the market price of the shares at around $100.

“If the shares are trading below that, they would raise the yield to increase demand, and the inverse would be true if they are trading above the target,” Michael Miller, an equity analyst at Morningstar, explained to etf.com. “That said, there are restrictions on how fast and far the yield can be reduced, which does provide some stability to investors.”

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