Strategy STRC stays near $97 as Saylor’s Sept. 8 par-value deadline nears
Strategy’s preferred share hovers close to $97 after $635.2M in buybacks, with Saylor’s informal target one week away.
Michael Saylor’s informal deadline to bring Strategy’s preferred security STRC back to its $100 par value lands on Sept. 8, but the shares remain near $97 despite aggressive repurchases.
Strategy has spent approximately $635.2 million on buybacks in an effort to close the remaining gap, according to a report from CryptoSlate. The preferred stock, marketed as a Bitcoin-yield product, currently carries a dividend yield of about 12%.
A costly recovery
The financial burden of lifting STRC back to par is escalating. The company has restarted certain capital maneuvers, but the persistent shortfall suggests the market remains unconvinced that the target will be reached in time.
The security is part of a roughly $10 billion initiative designed to generate Bitcoin-linked returns for preferred shareholders. Saylor has previously stated his intention to restore the shares to par by early September.