STRC closed Tuesday at $99.93, seven cents from its $100 par, after a 65-cent gain from Monday's $99.28. The preferred rallied on a day the 10-year yield rose 6.4 basis points to 4.958%, per CNBC as cited by FNN, and the spot funds redeemed another $115.6 million. The thesis this publication runs says rising yields push STRC down. Tuesday ran the other way. Bitcoin closed at $77,337, 1.159 times the $66,759 power-law floor and 0.487 times the $158,949 median, then traded at $78,447 at 6:05 a.m. after a midterm night that took it to a seven-week low.
The box logs Tuesday as session 119 under par and 173 calendar days since the last close at or above $100 on May 14. At $99.93 the effective yield sits at 12.01% on the 12.00% declared rate, and the box rates the at-the-market state marginal.
Tuesday was the second session of daily dividends. Strategy's last 8-K, filed Monday, shows $208.2 million spent retiring STRC in the week to November 1, with $748.6 million left on the preferred buyback.
Hashpoint's own analysis holds that the monthly repricing lag keeps the largest institutional bid impaired longer than a real-time rate would.
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