Here’s another rewritten version with a concise, clean market-report tone:
The decline has temporarily halted Strategy’s ability to issue STRC shares above par, cutting off a key funding mechanism used to finance bitcoin purchases. The same preferred stock has also contributed to the company’s first bitcoin sale this month due to dividend obligations.
Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), a core instrument in its bitcoin accumulation strategy, has fallen to a record low, tightening access to capital.
STRC closed at $89 on Wednesday, its weakest level since launching in July 2025, placing it about 11% below its $100 par value.
The preferred stock pays a variable dividend currently set at an annualized rate of 12.9%, adjusted monthly to help keep its price near par. When STRC trades above $100, Strategy can issue new shares through an at-the-market program and use the proceeds to buy bitcoin. With the stock now below par, that issuance has been paused, removing a key lever for accumulation.
The weakness comes at a sensitive time for the structure. STRC dividend payments prompted Strategy to sell bitcoin for the first time since it began accumulating BTC in 2022. The company said it sold 32 bitcoin for roughly $2.5 million in late May to fund distributions, marking a notable shift for a firm long associated with Michael Saylor’s “never sell” stance.
Earlier this month, Strategy said it had built a $1.1 billion cash reserve to support preferred dividends and debt, while still adding 1,587 BTC through common stock issuance.
Strategy remains the largest corporate bitcoin holder, with about 846,842 BTC, or roughly 4% of total supply.
STRC has previously traded below par during periods of bitcoin volatility. Bitcoin has recently held in the $64,000–$65,000 range, while Strategy’s common stock (MSTR) fell about 5% on Wednesday to $116.52.
