Summary
- Daily trading volume in Stretch totaled about $409 million, setting a new all-time high, it said.
- Stretch is holding up at its $100 par value; if it trades above par, Strategy said it can buy more Bitcoin through its at-the-market (ATM) offering program.
- Strategy said it has lifted Stretch’s annual dividend rate to 11.5% and pays dividends in cash each month.
Forecast Trend Report by Period
Daily trading volume in “Stretch,” a perpetual preferred stock issued by Strategy, the world’s largest corporate holder of Bitcoin (BTC), has hit a record high.
According to Strategy on the 11th, Stretch’s daily trading volume totaled about $409 million as of the previous day (the 10th). It marks an all-time high since Strategy launched Stretch last July to raise funds for Bitcoin (BTC) purchases.
Stretch is also holding up, trading at its $100 par value. The price had plunged to the low $90s last month amid Bitcoin’s downturn. If Stretch trades above par, Strategy can sell shares into the market through its “at-the-market (ATM) offering program” to raise cash and buy more Bitcoin.
Meanwhile, Strategy has raised Stretch’s annual dividend rate to as high as 11.5%. The annual dividend rate was 11% at launch. Dividends on Stretch are paid in cash each month.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
