Bitcoin treasury company Strategy plans to use preferred stock sales to acquire Bitcoin, shifting from common stock sales. Perpetual preferred stock Stretch offers an annual dividend of over 11%. CEO Phong Le expects Stretch to be a significant product. STRC hits $100, allowing Strategy to potentially restart offerings to fund more Bitcoin purchases. Bitcoin trading around $66,800. Analysts warn of crowded crypto treasury space where some companies’ crypto holdings exceed their value. Strategy not interested in acquiring underperforming companies. Strategy shares end trading down over 5% at $126.14.

Read more at Cointelegraph: Strategy to Push Preferred Stock to Boost Bitcoin Buys: CEO