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Strategy has spent $635 million repurchasing its STRC perpetual preferred shares, yet the paper still trades at $97.34 versus its $100 par, while the higher-coupon SATA has held par. The discount matters because preferred issuance is a core funding channel for Strategy's bitcoin accumulation, and sub-par pricing raises the effective cost of capital and shrinks the incremental BTC bid the company can fund without diluting common equity. Watch whether continued buybacks push STRC back to par and whether Strategy has to lift dividend rates toward SATA levels to clear new supply, which would signal tighter financing conditions for leveraged BTC treasury vehicles.
As a Crypto signal, watch whether it changes price action, volatility, or flows around MSTR, BTC.
Original Source: CoinDesk
This page is market information analysis, not investment advice.
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