How STRC lost its par: The timeline behind Strategy's preferred-stock meltdown (opens original article in a new tab)

Strategy's preferred stock STRC fell below its $100 par value due to bitcoin price declines, management decisions, and competitor actions, with the stock dropping to $83. Key factors included a $1.5 billion convertible note buyback, reduced cash reserves, and weakened investor confidence.

• STRC, Strategy's preferred stock, dropped to $83, 17% below its $100 par value
• A series of events including bitcoin price drops, convertible note buybacks, and competitor dividend announcements contributed to the decline
• Strategy's cash reserves were reduced by $1.5 billion in convertible note repurchases, affecting dividend coverage