Every Zipp story tagged #PreferredShares, newest first.
With $785M still needed to fully cover STRC's redemption gap, the liquidation cycle is shifting an increasing share of the financial burden onto common MSTR shareholders through dilution.
The first real stress test hit just six months in. With preferreds underwater and nearly half of recent issuance still unsold, the question is whether the buyer base thins before yields reset higher.
A June margin-call cascade on Strategy's STRC and Strive's SATA cut the leading preferred shares as much as 25% below par, yet both recovered, treasuries added BTC, and new issuers like Metaplanet…
A $1.5B debt repayment has hollowed out Strategy's reserve just as preferred dividends climb, forcing common shareholders to absorb the burden the paper was supposed to carry.
With STRC trading at $87.79 against a $100 redemption price and $216M of BTC just sold to fund dividends, Cantor frames the preferred as the linchpin of Strategy's entire capital engine, not a side…
STRC's ~13% recovery over the final session did the work; STRF held above $92 while STRD and STRK lagged, with bitcoin itself closing the month under $60K.
The bitcoin addition is a rounding error on a 847,363-BTC balance sheet, but the $300M cash build is the real message: Saylor is funding STRC's dividend bid directly out of common-stock issuance.
The cascading margin call in a $10B category of BTC-treasury-linked preferreds — a brand-new corner of the market — is a stress lesson: a perpetual preferred can keep paying its 11-13% dividend and…
The spread between the two perpetual preferreds is doing the talking: STRC's cash coverage just collapsed to roughly six months of dividend obligations while Strive's SATA stays pinned to $100 with a…
The hold-up is structural, not strategic: Japan's exchange rules demand stable dividends through adverse Bitcoin cycles, and a six-quarter track record doesn't yet clear that bar.
CryptoSlate
CoinDesk
Glassnode