Strategy Stretch Preferred Stock (STRC) perpetual market

STRC is a series of variable-rate perpetual preferred stock issued by Strategy, the Bitcoin treasury company formerly named MicroStrategy, and nicknamed Stretch. Introduced in 2025 and listed on Nasdaq, it is a senior equity instrument that ranks ahead of the company's common shares and pays a cash dividend at a rate that Strategy adjusts periodically. The variable rate is designed to keep the security trading near its stated par value, damping the price swings typical of the company's common stock and other converts. Proceeds from the offering were used by Strategy to fund its ongoing accumulation of Bitcoin, which sits at the center of its corporate strategy. STRC is one of several preferred securities Strategy has issued to raise capital without diluting common holders, offering income-oriented investors indirect exposure to a company whose balance sheet is dominated by its Bitcoin holdings.