Michael Saylor Is Bringing Bitcoin-Backed Money-Market-Style Vehicle to Wall Street: NYDIG

Description

Strategy (MSTR) is pulling off some form of financial alchemy: using bitcoin, historically a volatile asset, to create something that looks a lot like stability. That’s the firm’s $2 billion “Stretch” Preferred Stock (STRC) offering offers a variable 9% dividend and is designed to keep the share price hovering near $100. The offering doesn’t give investors direct bitcoin exposure, yet it's backed by the asset in spirit and structure, according to a recent NYDIG report. Strategy holds $71.7 billi...