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Strategy preferred shares STRC rise above $90 after June selloff

STRC closed at $92.32 on Monday, first above $90 since June 16, after Strategy sold 1,638 bitcoin for $104.7 million to fund dividends and repurchases.

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Strategy’s variable-rate preferred stock, STRC, closed above $90 for the first time in seven weeks as the company boosted its cash reserve and repurchased shares, according to Cointelegraph. STRC finished Monday at $92.32, up 3.2% from Friday’s $89.46 close, extending a recovery from a June selloff that had raised concerns about the bitcoin treasury firm’s financial resilience.

Cointelegraph reported that STRC’s move marked the first close above $90 since June 16. The preferred shares have rebounded nearly 24% from their June 26 closing low of $74.57, though they remain below Strategy’s $99 to $100 target range.

Cointelegraph said the rebound followed actions by Strategy to support STRC, including selling 1,638 bitcoin for $104.7 million in its latest 8-K filing. The company used $52.4 million to fund preferred-stock dividends and $52.3 million to repurchase STRC.

The outlet also reported that Strategy raised $290.6 million through MSTR share sales, including $250 million to its dollar reserve and $28.9 million for STRC repurchases. It repurchased 912,143 STRC shares for $81.2 million and increased its dollar reserve to $4 billion.

Latest closeBitcoin $81,906.63 ▼1.4%

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