Michael Saylor, Strategy’s founder and executive chairman, argued in a Nov. 7 analysis that its bitcoin-backed preferred stock, Stretch, builds on centuries of financing practices. Strategy’s initial Stretch offering closed in July 2025, raising about $2.521 billion before expenses; net proceeds funded the purchase of 21,021 bitcoins.
An amendment effective Nov. 1 made dividends accrue daily, including on weekends and holidays, though payments are processed on business days. Stretch shareholders do not own bitcoin directly or have a collateral claim on Strategy’s holdings. Payments depend on the company’s resources, and distributions classified as return of capital reduce an investor’s remaining tax basis.
