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Ripple CEO stays bullish on bitcoin but says Saylor's strategy has hurt crypto
Key takeaways
- Garlinghouse's target was the machine Strategy has used to accumulate bitcoin.
- Its STRC share carries an 11.5% annual dividend and is engineered to trade near $100.
- The stock hit a record low on Thursday, falling as much as 26% below par, while Strategy's common stock dropped to its lowest since February 2024 and closed around $82 on Friday, all as bitcoin fell below $59,000.
Garlinghouse's target was the machine Strategy has used to accumulate bitcoin. For about a year, the company has issued preferred shares, a class of stock that pays a fixed dividend, to raise cash for more bitcoin.
Its STRC share carries an 11.5% annual dividend and is engineered to trade near $100. Garlinghouse pointed to STRC trading about 25% below that level as a "damning indictment" of the strategy.
The stock hit a record low on Thursday, falling as much as 26% below par, while Strategy's common stock dropped to its lowest since February 2024 and closed around $82 on Friday, all as bitcoin fell below $59,000.
Article preview — originally published by CoinDesk. Full story at the source.
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