Michael Saylor · Bitcoin · Strategy · CoinDesk
Live updates: Bitcoin holds near $82,000 as Nasdaq rebounds more than 1%
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Strategy Executive Chairman Michael Saylor is coming under some social media heat for the company’s continued buybacks of its high-yielding preferred stock STRC at modest discounts to $100 par value.
Key facts
- And others are curious that the fast pace of buybacks (Strategy has less than $9 billion of STRC issued), combined with a 12% dividend yield, hasn’t been enough to fully return STRC to $100
- The company this morning announced the repurchase of $193 million of STRC, bringing total buybacks to nearly $2 billion
- Strategy Executive Chairman Michael Saylor is coming under some social media heat for the company’s continued buybacks of its high-yielding preferred stock STRC at modest discounts to $100 par value
- Recall that the buyback program started this past summer following STRC plunging nearly all the way to $70, putting in question the future of the security
Summary
The company this morning announced the repurchase of $193 million of STRC, bringing total buybacks to nearly $2 billion. Recall that the buyback program started this past summer following STRC plunging nearly all the way to $70, putting in question the future of the security. And others are curious that the fast pace of buybacks (Strategy has less than $9 billion of STRC issued), combined with a 12% dividend yield, hasn’t been enough to fully return STRC to $100. “You don’t build a market worth trillions without investing billions,” said Saylor on Monday, in response to some of that criticism.