Strategy's STRC hit $100 on Wednesday, the first time since May

Odaily reports: Strategy, a Bitcoin treasury company, saw its preferred stock STRC touch $100 intraday on Wednesday, the first time since May. STRC has recovered from a June low of $71.25, after Strategy spent months repurchasing the preferred stock to support its market price.

STRC carries an annualized dividend rate of 12%, paying $12 per year based on a $100 par value per share. Shareholders approved a switch to daily accrual on October 28, with the new mechanism taking effect on November 1 and dividend payments beginning on November 2.

Once STRC's price reaches or exceeds $100, Strategy can issue additional shares of the preferred stock through its at-the-market offering program and may use the proceeds to purchase Bitcoin; whether to issue and buy Bitcoin still depends on management's decisions and market conditions. (Bitcoin.com News)