From a bond buyback and dwindling cash reserves to a bitcoin bear market, the sequence of events that turned STRC's par-value challenge into a marketwide debate. Strategy's preferred stock STRC, designed to hold a price of $100, on Thursday dropped to a low of $83. A number of events led up to the slide, including a buyback of convertible notes at an 8% discount and rival Strive saying it would start paying a daily dividend on its SATA equivalent. The decline was also driven by a comb…
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