Strategy just spent six times more buying back Stretch than buying Bitcoin. Is that the right move for MSTR shareholders? StoneX Senior Equity Research Analyst Mark Palmer explains why STRC is foundational to Strategy’s fundraising, and how the $4.9B USD Reserve is pushing the preferred stock back toward par. He also explains why Strategy won’t simply raise the dividend rate.

Chapters:00:00 StoneX Analyst Mark Palmer on Strategy (MSTR)00:12 Stretch Buybacks vs. Buying Bitcoin: $176M vs. $29M01:00 The $4.9B USD Reserve and Stretch’s Path Back to Par01:56 Why Strategy Won’t Raise the Stretch Dividend Rate04:17 Daily Dividends and Ex-Dividend Date Volatility06:53 June’s Stretch Sell-Off and Institutional Investors07:21 Where Bitcoin Treasury Balance Sheet Stress Shows Up First09:21 Perpetual Preferreds vs. Convertible Notes: Strive’s Approach11:54 USD Cash, Convert Paydowns, and Metaplanet’s U.S. Push13:09 Why StoneX Cut Its MSTR Price Target to $435

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post first appeared on and is written by .