Strategy (MSTR)The Bitcoin business entity formerly known as microstrategy, launched its Stours Perpétel Stours Privéré (STRC) At the end of last month – an executive president of the offer, Michael Saylor, described as the “moment of the iPhone” of the company.
STRC Preferred actions has already collected $ 2.5 billion and a new billion dollars when the market is opened (ATM) The program could extend its scale even more – offering high -performance dividends supported by Bitcoin and designed to use investors in search of return.
What is Strc and how does it work?
Strc (marketed as “stretching”) is a privileged actions at variable and perpetual rate designed to provide stable prices, strong return and easy access to income from income in search of indirect Bitcoin exposure. The shares pay a monthly dividend – initially set at 9% annualized – based on a nominal value of $ 100. The strategy can adjust this dividend monthly, in the rules intended to maintain StRC trading near its target price of $ 100.
Each Part of STRC is overlated with Bitcoin to a ratio of around 5 to 1, which means that for each dollar of Strc emitted, the strategy contains approximately five dollars of BTC. The guarantee is found in other privileged actions such as Strd, Strk and the common equity of the company, but remains junior to debt and the Strf Preferred series.
The dividends are cumulative and composed if not remunerated. Above all, if a one -month payment is missed, a “plug” of dividend activates – preventing payments to junior titles until the STRC is whole. The stock can be exchanged for the transmitter option once registered on Nasdaq (what it’s now)And it includes a fundamental change put to the liquidation value plus the accumulated dividends.
Security is designed to function as a high -efficiency savings instrument with the support of Bitcoin – without the volatility of direct cryptography farms or the risk of duration of traditional privileged.
The strategy increases $ 2.5 billion in the STRC IPO
The company’s IPO of STRC has collected around 2.5 billion dollars thanks to the issue of 28 million shares at a price of $ 90 each. The offer was announced on July 21 and closed on July 29. The product will be used for general purposes, including other Bitcoin purchases and the working capital.
The board of directors declared an initial monthly dividend of $ 0.80 per share, with the payment scheduled for August 31, 2025, to the shareholders of the August 15 record.
Saylor has described STRC as a clean and scalable instrument that resolves the constraints of previous fixed assets such as convertible obligations and complex long -term actions. The product was designed to call not only for institutional beneficiaries, but also retail investors looking for return.
In the ATM program of $ 4.2 billion
On July 31, the strategy announced a new sales agreement allowing the company to issue up to $ 4.2 billion in StRC shares through a market (ATM) offer. This gives the strategy the ability to gradually exploit liquidity, adjusting the issue according to market conditions and prices.
The internal guidelines suggest that the strategy intends to maintain the emission in a narrow strip – avoid sales less than $ 99 or more $ 101 (before costs)In accordance with its objective of maintaining a stable negotiation price of $ 100. The company explicitly declared that it did not plan to apply this discipline to its other preferred action programs, strengthening the unique positioning of STRC.
The ATM program allows the strategy to meet capital needs in a flexible manner, to support its dividend policy and to scale BTC acquisitions more while preserving the alignment of shareholders.
Why Saylor calls his “iPhone moment”
Michael Saylor considers STRC not only as another capital collection tool – but as a turning point in business financing. During the call for results of T2 2025 of Strategy on July 31, he called the product of the “iPhone moment” of his company, comparing its potential to the type of breakthrough of consumers who redefined an entire industry.
At the heart of Saylor’s vision is the accessibility of STRC. Unlike previous instruments of stratum – such as Strk, STRF and STRD – which he praised as innovative but too complex or volatile for mass adoption, STRC is designed to function more as an improved savings account. “If I walk on the street and ask a hundred people:” Do you want a high-performance bank account? ” 99 out of 100 say yes, ”he said, stressing the simplicity of the field.
He thinks that Strc solves two basic problems: it eliminates long -term volatility by targeting a short duration and a low price fluctuation, and it offers a coherent bonus compared to typical bank yields. “We have stripped a period of one month and it pays 500 base points above your bank account,” he said, describing the monthly dividend of the 9% variable of the instrument.
Above all, Strc is designed to exchange near ($ 100)Give investors tranquility of mind – in particular those sensitive to price oscillations. Saylor stressed that previous products lost retail traction when their main value fluctuated from 5 to 10%. On the other hand, the objective of STRC is to maintain near by while the prices of Bitcoin move, thanks to its strong overlighted with BTC.
“If Stretch really hits his peer and he is negotiated with low volatility, you could, in theory, sell a hundred billion dollars, which, two hundred billion dollars,” he told analysts. This, he argued, would allow the strategy to put its Bitcoins operations on the massive scale without selling BTC-by effectively using its treasure as a guarantee to monetize liquidity at the retail scale.
In the opinion of Saylor, this combination – simplicity, stability and yield – is what makes the STRC transformation. Just as the iPhone has reintegrated into the way users interacted with mobile IT, Strc could redefine the way companies operate the capital markets in a native Bitcoin way.
