Strategy’s STRC perpetual preferred stock remains below its $100 par value despite the company’s aggressive efforts to support the share price through buybacks.
The bitcoin treasury firm has spent $635.2 million repurchasing STRC under a $1 billion authorization. The preferred shares recently traded at about $97.34, well above their low near $71.
Strategy has increased the scale of its repurchases as STRC has approached the $100 level. The company’s most recent buyback totaled $151.8 million, with shares purchased at an average price of $97.48.
Strategy has also resumed its Bitcoin accumulation after a two-month pause. Last week, the company bought 4,603 BTC for $369.7 million, paying roughly $80,000 per coin. Its Bitcoin holdings now stand at 845,050 BTC, worth approximately $65.9 billion.
STRC is competing for investor attention with Strive’s SATA perpetual preferred stock. SATA carries a 13% annualized dividend paid daily, compared with STRC’s 12% annualized dividend distributed twice a month.
SATA has held near its $100 par value for more than a week. That stability has allowed Strive to continue issuing shares through its at-the-market program, with the proceeds helping finance the purchase of 1,800 BTC over the past week.
The performance gap extends to the companies’ common stock. Strive’s ASST shares have risen about 60% year to date, while Strategy’s MSTR shares have dropped around 15%.
STRC has recovered sharply from its lows thanks in part to Strategy’s repurchase program, but it still has not reached its $100 par value. SATA’s higher dividend rate appears to be giving Strive’s preferred shares an advantage in maintaining their price around par.
