STRC, Strategy Inc.’s new variable rate perpetual preferred stock, is approaching its $90 IPO price while MSTR common shares fall more than 7% intraday. The IPO raised approximately $2.521 billion in gross proceeds on July 29, 2025, funds used to purchase 21,021 Bitcoin at an average price of roughly $117,256 per coin. STRC pays an annualized dividend of 12%, significantly higher than traditional preferred stocks from large US companies, which typically yield between 5% and 8%. Unlike what the company’s Bitcoin strategy might suggest, STRC is not collateralized by Bitcoin holdings, with investors relying instead on Strategy’s ability to pay dividends from corporate cash flows.
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