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Strategy targets September recovery for STRC preferred stock

After an $8.22 billion second-quarter loss, Strategy increased BTC holdings 11% to 846,000 BTC, then sold select coins to meet STRC preferred-stock obligations.

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Michael Saylor’s Strategy, formerly MicroStrategy, is aiming for a recovery in September for its STRC preferred stock as it works to restore the financing channel behind its goal of doubling Bitcoin per Strategy share within seven years, according to CryptoSlate. The company reported an $8.22 billion loss in the second quarter, after earning $10.02 billion a year earlier, with nearly all of the swing driven by an $8.32 billion loss on its digital assets. CryptoSlate said Bitcoin ended June about 40% below its level at the end of last year’s second quarter. Strategy continued buying through the downturn, increasing its BTC holdings 11% during the quarter to 846,000 BTC, while Bitcoin per diluted share rose 5% to 210,824 satoshis. CryptoSlate also reported that Strategy later reduced its holdings to 843,775 BTC after selling selected coins to meet preferred-stock obligations, and that by July 26 Bitcoin per share had declined to 203,683 satoshis. The news outlet said STRC’s stated value nearly doubled in the second quarter, rising from about $5.3 billion at the end of March to $10.5 billion by June 30. CryptoSlate reported Strategy raised $7.53 billion through the variable-rate perpetual preferred stock during the first seven months of the year, with institutional holdings nearly tripling to $3.1 billion between March 17 and July 1, raising institutional share to 29% from 22%.

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