Strategy’s Stretch preferred stock touched $100 today for the first time since May, returning to the par value the company has spent over $2 billion in buybacks and five months of rate increases to defend.

STRC traded below $80 at times in June, a massive discount to its stated value. The climb back to $100 restores the price at which Strategy says it will resume issuing new shares, the mechanism that funds its bitcoin purchases. Chairman Michael Saylor had pledged to keep the stock at or above par and to hold the dividend at 12% until it got there.

Two changes landed in the past week. Shareholders approved daily dividends on STRC and three other preferreds on Oct. 28 by a…

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