Strategy CEO Says Convertible Debt Repayment Triggered STRC Plunge
Uk Jin
Summary
- Strategy said its decision to repay convertible debt was cited as the reason its preferred stock STRC fell sharply below par.
- CEO Phong Le said using the company's dollar holdings to repay convertible debt unnerved investors and led to a sharp drop in STRC.
- STRC is a dividend-paying preferred stock issued by Strategy.
Strategy's preferred stock STRC has fallen sharply below par, and the company's decision to repay convertible debt has been identified as the reason.
In an interview with Bitcoin News on July 11, Strategy Chief Executive Officer Phong Le said the market underestimated how highly investors valued the company's dollar holdings. He said using those dollar holdings to repay convertible debt unnerved investors, ultimately sending STRC sharply lower.
STRC is a dividend-paying preferred stock issued by Strategy.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.