For a while, Strategy’s playbook was simple: Sell stock, buy Bitcoin, and trade at a premium to its holdings. That playbook has increasingly come under pressure. The company formerly known as MicroStrategy is looking to convince investors that it can afford to pay dividends on its yield-paying preferred shares. Its Stretch preferred stock, which trades under the ticker STRC, has become its primary vehicle for funding Bitcoin purchases, but the price of that equity has been sliding further and further from its par value of $100. When Strategy adopted Bitcoin as its primary treasury reserve asset in late 2020, it ... (full story)