Stretch (NASDAQ: $STRC), the preferred stock issued by Strategy (NASDAQ: $MSTR), has helped fund the purchase of 11,707 Bitcoin (CRYPTO: $BTC).
The nearly $1 billion U.S. worth of Bitcoin was purchased through Strategy’s at-the-market (ATM) program and was largely funded by proceeds from the Stretch stock.
Strategy is the world’s largest corporate owner of Bitcoin. On May 14, the company recorded $1.53 billion U.S. in trading volume of its preferred stock, the most on record.
STRC stock offers an 11.5% annual dividend yield, paid monthly in cash. That high dividend makes the shares attractive to investors, say analysts.
The recent trading activity was more than four times the average daily volume over the past 30 days, which stood at roughly $331 million U.S. STRC shares trade at their $100 U.S. par value.
Trading volumes in dividend-paying stocks tend to peak the session before the ex-dividend date, which is the cutoff for shareholders to receive the upcoming dividend payment.
May 15 is STRC stock’s ex-dividend date. Dividend-paying stocks often decline by roughly the amount of the payout once they begin trading ex-dividend.
Strategy’s common stock, ticker symbol MSTR, is down 2% in pre-market trading and changing hands at $182.80 U.S. That stock has fallen 53% over the past year.
