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Strategy's STRC Falls Below Par as Cash Reserves Drop to 6-Month Coverage After $1.5B Debt Buyback

GateNews
StocksCapital Flow
According to CoinDesk, Strategy's dividend-focused preferred stock STRC fell below $100 par value in mid-May as the company's dollar cash reserves declined sharply. On May 15, Strategy repurchased approximately $1.5 billion in 2029 convertible bonds at an 8% discount, drawing down reserves used to support stock dividends. By May 26, cash reserves fell to $871 million, covering only 6 months of STRC dividend payments versus the prior 24-month target. On June 1, Strategy sold 32 bitcoins for the first time since 2022 to demonstrate its ability to support dividend payments through asset sales. MSTR stock fell 5.9% following the announcement.
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