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has repurchased approximately 9.96 million shares of its Stretch (STRC) preferred security for roughly $950 million since July 20, a move that has helped lift the stock from lows near $70 to nearly its $100 face value.
This aggressive self-trading raises a critical question for the market: can the company's Bitcoin financing model function without the issuer acting as its primary buyer?
Chairman Michael Saylor designed STRC to expand Strategy's capital-raising capacity beyond its volatile common stock, MSTR.
The goal was to establish "digital credit" as a durable funding source rather than a tool that only works during peaks of market enthusiasm.
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