MicroStrategy halts preferred stock ATM offering amid STRC weakness

MicroStrategy (MSTR) has halted its at-the-market (ATM) offering program for its perpetual preferred stock, STRC, amid the stock's continued weakness, The Block reported. STRC fell to an intraday low of $82.50 before closing at $88.59. The preferred stock was designed with a par value of $100 and currently offers an annualized dividend yield of 12.9%. Meanwhile, TD Cowen maintained its buy rating on both MicroStrategy's common stock (MSTR) and its preferred shares, including STRC. The firm's report noted that MicroStrategy is evolving beyond a simple proxy for Bitcoin investment into a Bitcoin capital markets platform.