Strategy’s Stretch preferred stock reached its $100 par value for the first time since May after briefly trading below $80 in June. To support the price, the company spent about $2.25 billion on buybacks, raised the annual rate to 12% and paused its bitcoin purchases during the week of October 19. Shareholders also approved daily dividends for STRC, STRF, STRK and STRD by a 99.3% vote, with the first payment made Monday. Returning to $100 would allow Strategy to resume issuing preferred shares to fund its bitcoin purchases, while the company holds 849,327 BTC at an average cost of about $75,446 each.
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