Strategy has burned through 64% of its STRC rescue fund
Strategy, Michael Saylor’s BTC treasury company, has expended 64% of its once-$2 billion fund to repurchase STRC. After 10 weeks of trying to force its price higher, the company has already spent $1.28 billion and, as of Monday’s filing, had less than $724 million left. STRC was supposed to sustain a $100 per share price, but hasn’t for most of its trading history. When pitching it, Saylor and Strategy’s CEO have irresponsibly likened it to a high-yield bank account or money market, talking about its generous dividends while downplaying the risk that the share price could collapse. In fact, STRC has spent more than a month trading in the $70s and $80s per share, and shares have traded below $99 on the majority of trading days over the past year. Chart of STRC, trailing 12 months. Source: TradingView Even though Strategy’s $2 billion Digital Credit Securities Repurchase Program technically allows repurchases of three other Strategy stocks — STRF, STRD, an...