Enterprise bitcoin finance firm Strategy (ticker MSTR) recently bought around 10,000 bitcoins for $1 billion, bringing its total holdings close to the 600,000 BTC mark. The company's recent purchases were largely funded by the initial public offering (IPO) of its $1 billion Stride perpetual preference share (STRD). According to TD Cowen analysts, this process "establishes a channel for high-yielding funds to flow into bitcoin in the future". In addition, market-to-market sales of STRK and STRF also provided additional funding for the company.
Following its latest purchase last week, Strategy currently holds a total of 592,100 BTC.
"As a result, we expect [STRD] to have a higher dividend yield than the company's preference share," analysts at TD Cowen wrote in a note on Tuesday. The strategy's underlying bitcoin value of $63 billion, while total debt plus outstanding preference shares is worth $11.60 billion, makes analysts "view these subordinated securities as very safe".
TD Cowen: Strategy's STRD offering will'deliver significant value to MSTR stockholders'
2025-06-17 22:32:54
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