In 2025, Bitcoin’s foremost booster pitched financial alchemy. At a conference in Prague, Michael Saylor, the executive chairman of the Bitcoin hoarder Strategy, touted his company’s newest stock offering. “I give you the upside, you have no downside, and I pay you a dividend while you wait to get rich,” he said.
Saylor was extolling a perpetual preferred stock issued by Strategy that trades under the ticker STRC and is nicknamed “Stretch.” The instrument lies somewhere between stock and debt. One share of STRC is designed to trade at $100, and holders receive biweekly payouts of about 11.5% in dividends. Strategy uses the money raised from selling the stock to finance new buys of Bitcoin or cover interest payouts to its creditors.
