Michael Saylor Flags Sharp Market Selloff as Nasdaq Crashes 5.5%

Sigma denotes standard deviation, a measure of market volatility that describes how widely daily returns vary around their average. A four-sigma decline describes a daily return four standard deviations below its historical average. How frequently such moves occur depends on the return distribution and historical period used.

Bitcoin had fallen below $77,000 earlier Thursday as technology shares weakened, reversing its post-election recovery. It dropped from Wednesday’s $81,105 peak to $76,059, a decline of approximately 6.22%.

STRC Trades Near Par After Daily Dividend Shift

STRC’s $99.56 finish placed it 0.44% below its $100 stated amount. The shares had reached $100 on Nov. 4, their first return to that level since May, following months of repurchases and a change in dividend payments.

Strategy’s variable-rate preferred stock carries a 12% annualized dividend rate based on the $100 stated amount. The company adjusts the rate monthly to encourage trading around par. Payments are not guaranteed, and the preferred shares are not collateralized by its bitcoin holdings.

Daily dividend accrual began Nov. 1, with the first cash distributions starting Nov. 2 following shareholder approval on Oct. 28. Shareholders accrue dividends on weekends and holidays, while payments generally follow on business days. The change replaced STRC’s twice-monthly distribution schedule.