Strategy Shares Hit Two-Month High as Bitcoin Rebounds Above $79,000

Forecast Trend Report by Period

Strategy shares and its preferred stock STRC extended gains as Bitcoin rebounded above $79,000.

The Block reported on Aug. 21 that Strategy climbed 7.5% in early trading to rise above $120, its highest level in two months. Bitcoin also rose as high as $79,400 at about the same time.

STRC also topped $96 for the first time since June. The floating-rate perpetual preferred stock was issued by Strategy to help fund Bitcoin purchases. It had previously fallen below $70 as concerns mounted over the company’s ability to sustain dividends at an annualized rate of 11.5%.

The rebound followed Strategy’s latest treasury disclosure. The company raised $333.7 million by selling MSTR shares between Aug. 10 and Aug. 16. It did not buy or sell Bitcoin during that period. Of the proceeds, $52.4 million was used for STRC dividend payments, while $132.2 million was spent on STRC repurchases through its digital credit securities redemption program.

Strategy currently holds 840,447 BTC. At current prices, those holdings are worth about $65.2 billion, according to on-chain tracking service SaylorTracker.