Why Saylor’s STRC isn’t really a money market or bank account
In an incredible comparison on live national TV, Strategy founder Michael Saylor likened his Variable Rate Series A Perpetual Stretch Preferred Stock, commonly known as “Stretch” (STRC), to a money market or high yield bank account competitor. In response to a question from a Bloomberg news anchor, Saylor said that his company is actively pursuing additional versions of STRC for non-USD investors, mentioning the euro, Japanese yen, Canadian dollar, and British pound as examples. Referencing the possibility of a future STRC-like offering based on foreign currencies, Saylor explained his plan to spawn more versions of STRC. “We think that there’s an opportunity to create Stretch-type instruments in euros, or yen, or Canadian currency, or pounds,” he said. “In essence, everybody in the world would love to have a high yield bank account that yielded 10% or more. Or they’d love to have a money market that gave them double or triple their normal money market...