Morning Edition · Sunday, August 23, 2026Published at 1:46 AM EDT · New York

Strategy's Preferred Shares Stay Below Par as a Crypto Investor Questions the 12% Coupon

Tushar Jain argues the dividend does not compensate holders for another deep bitcoin drawdown, while a separate treasury vehicle asks shareholders to approve dilution of 167% of its share base.

Strategy's STRC preferred stock has stayed below its $100 stated value, trading at $95.31 even as bitcoin recovered to about $77,125, according to crypto.news. Tushar Jain, co-founder of Multicoin Capital, argues the instrument's 12% divide…