Strategy Preferred Stock Offers 10% Yield

CRYPTO
Strategy Preferred Stock Offers 10% Yield

Strategy has priced its latest round of Series A perpetual preferred stock at $85 per share with a 10% coupon, raising approximately $711 million. This move typically precedes new Bitcoin acquisitions. Analyst Jesse Myers noted the 11.8% annual dividend could attract investors away from the bond market’s 4.2% yield.

On March 17, Strategy bought 130 BTC for $10.7 million, bringing its total holdings to 499,226 BTC, valued at $41.8 billion. Despite being the smallest purchase on record, co-founder Michael Saylor signaled more debt and equity sales are ahead to fund further Bitcoin buying. On March 18, Strategy announced the sale of 5 million preferred shares, part of a broader plan to raise $21 billion for Bitcoin. Despite market turbulence, the company remains up 26% all-time on its BTC investment, with $8.6 billion in unrealized gains. Its stock, now at $299, is up 29% from March 11 but still 44% below its November peak.

FINANCE
Tesla Trade-Ins Hit Record High

Tesla is seeing a record number of owners trading in their vehicles this March, according to Edmunds. Data shows that Teslas from 2017 or newer made up 1.4% of all trade-ins (excluding new Tesla or direct-to-consumer EV purchases), more than triple the 0.4% rate a year ago. The trend aligns with growing backlash against CEO Elon Musk, who recently joined the Trump administration and launched a controversial effort to cut federal payrolls.

Tesla has faced protests, showroom vandalism, and plummeting stock—down 50% since mid-December. Brand loyalty is weakening, with Edmunds data showing Tesla shopping interest dropping to 1.8%, the lowest since 2022. Jessica Caldwell of Edmunds notes that Musk’s political involvement and Tesla’s saturation in metro areas are pushing long-time owners away. Trade-in data also reveals buyers shifting to competitors like the BMW i4, Hyundai Ioniq 5, and Ford Mustang Mach-E, signaling an opportunity for rival EV makers to gain ground.

CRYPTO
Former Prosecutor Leads VC Push

Katie Haun is back raising capital. The former federal prosecutor and crypto investor, who raised a record-setting $1.5 billion in 2022, is now targeting $1 billion across two new crypto-focused funds. Haun Ventures plans to split the funds evenly: $500 million for early-stage startups and $500 million for late-stage projects. The raise is expected to close in June and could be one of the biggest in crypto venture capital since 2022.

Haun, who famously avoided investing in FTX, took a measured approach to deploying her first fund—only 30% by mid-2023—which was well-received by her investors. With the industry at a turning point, fueled by regulatory changes and political momentum, Haun Ventures is nearly finished deploying its initial capital. Despite some team departures, the firm remains active, backing infrastructure plays like Bridge, BVNK, Chainalysis, and Fireblocks. Haun, once a DOJ prosecutor, remains a prominent force in crypto venture capital—and politically active behind the scenes.

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