You won't believe this, guys... but Saylor is at it again!
Dude just won't stop
...and we're here for it (#1043512, #1040720). Watching his every move, laughing/feign astonishment at the whole thing.
I've been around financeland for a decade or so, but Imma be real with y'alls... I have no idea what this means:
Strategy announced today a proposed initial public offering of 5,000,000 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock—referred to as STRC Stock—registered under the Securities Act of 1933.
A... perpetual stretch pref ...?
I understand nothing.
The company positioned the offering as part of its broader capital strategy to expand Bitcoin holdings while maintaining flexibility for dividend adjustments.
The STRC Stock will feature cumulative monthly dividends starting at an annual rate of 9.00%. Strategy reserves the right to adjust this rate within defined limits, based on one-month term SOFR fluctuations. The company intends to manage the dividend rate in a way that “causes the STRC Stock to trade at prices at or close to its stated amount of $100 per share.” Dividends will be paid in cash, and unpaid dividends will accrue compounded interest monthly.
At least somebody on Bitcoin Twitter pretends to:
Apparently it "gives capital a way to Exit fiat without entering equity, Monetize Bitcoin’s monetary premium without volatility, And park funds in a senior, dynamic, institutional-grade instrument backed by the scarcest asset in existence."
Sure, man. Sure.
Guess I'll go watch Jeff Walton's show this week to figure out what the latest Saylor financial engineering thing is.