Strategy preferred stock (STRC) fell to $82.53, a new low since its IPO last July.

According to ME News, on June 19 (UTC+8), Strategy's dividend-paying preferred stock, Stretch (STRC), fell to a low of $82.53 on Tuesday, its lowest point since its listing last July. The product currently offers an annualized dividend of 11.5%, which Michael Saylor has compared to money market funds and FDIC-insured bank accounts. Since its listing, Strategy has issued over $10 billion worth of related shares to accelerate Bitcoin purchases; the company currently holds 846,842 Bitcoins, worth approximately $53 billion at the time of writing. Saylor stated in April that retail buyers held approximately 80% of STRC and estimated that about 3 million households had allocated to the product. Strategy disclosed in its STRC prospectus that the value and liquidity of the preferred stock are affected by market volatility, interest rate changes, the lack of a mature trading market, and its subordinated status relative to the company's debt. The company sold 32 bitcoins last month to manage STRC's recurring costs and stated that its bitcoin reserves could cover 32 years of dividends. (Source: ME)