Preferred Stock
Strategy's STRC preferred stock hits record low
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Strategy's Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, closed at $89 on Wednesday after touching an intraday low of $88.51. The drop marks a new record low for the security and places it about 11 percent below its $100 par value.
Strategy’s STRC preferred stock closed at $91.79 on Tuesday, marking its weakest level this year and falling below the $100 target. The decline reflects investor demands for higher yields amid Bitcoin’s pullback.
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BitMine Immersion Technologies announced a preferred stock offering to raise up to $300 million. The move follows the playbook of Strategy as the firm manages large unrealized losses on its Ethereum holdings.