STRATEGY'S PREFERRED-STOCK FIX SETS UP RENEWED BITCOIN BUYING

Summary from the TLDR Crypto newsletter

MSTR fell nearly 10% after Q3 results and traded at $129.90, down about 27% this year. StoneX and TD Cowen kept buy ratings, with price targets of $435 and $260. Strategy ended the quarter with $5.07B in dollar assets, including a $4.83B cash reserve that covers about 3.2 to 3.4 years of preferred dividends and interest. It spent about $2B buying back its STRC preferred, restoring it near its $100 par value. The cost was bitcoin per share, which is down 3.7% this year. Preferred holders approved daily dividend accrual, effective November 1 for STRC and January 1 for the rest.