#STRC跌破面值11%創上市新低

STRC is at $89. That's 11% below its $100 nominal value. It's the lowest closing price since its launch in July 2025.
To understand this figure, you first need to understand what STRC is. Because it's neither a stock nor a bond. And most people categorize it incorrectly.
STRC is a variable-rate perpetual preferred stock issued by Strategy. Its nominal value is $100. It currently pays an annual dividend of 11.25%. It distributes cash monthly. And the company uses the money it raises through this instrument to buy Bitcoin. So it's a crypto investment vehicle, but in stock form.
The design goal is for the price to stay close to $100. It's currently at $89. This shows that the design is partially failing.
Why?
The first reason is Bitcoin's weakness. Strategy currently holds 846,842 Bitcoin. This was confirmed by SEC filing as of June 14. The cost of this position is $64.07 billion, with an average cost of $75,656. BTC is currently between 65,000 and 67,000. So the company is operating at a loss in this position. The value of assets under the STRC has declined, directly impacting the security of this preferred stock.
The second reason is the dividend coverage issue. As of May 31st, the USD Reserve is $900 million. This is a special reserve established in December 2025 and set aside to support dividend obligations. This reserve, which was $2.25 billion at the beginning of February, has fallen to $900 million in five months. A 60% erosion.
At the end of May, the company sold 32 Bitcoins for $2.5 million. For the dividend payment. The number is small, but the message is big. When a company known as a long-term custodian sells Bitcoin for dividends, it is read as the first crack in its "we will never sell" commitment.
The company defended this, saying the Bitcoin reserve covers 32 years of dividends. Mathematically correct. But the market evaluates trust, not mathematics.
The third reason is structural competition. Other companies have also launched similar instruments. And these competing products are trading much closer to $100, offering a 13% dividend. Moreover, they operate with a debt-free balance sheet. The price difference between the two products has reached its widest level in history.
This difference suggests that the market is demanding an extra risk premium for STRC.
The fourth reason is the closure of the new issuance door. When STRC is trading below its nominal value, issuing new shares is pointless. Why would existing investors buy a new issuance of an instrument trading at $89 for $100? This temporarily closes the company's most fundamental funding channel.
SEC documents show that there were zero STRC issuances between June 8 and 14. During this period, the company only raised $209 million through the sale of MSTR shares.
But we need to look at the other side of the picture.
Strategy 23 has made its dividend payments on time and in full for 23 consecutive years. A total of $693 million was distributed. This continuity was not broken.
Between June 8 and 14, the company acquired an additional 1,587 Bitcoin. The average price is $63,024. This shows that buying continued even as Bitcoin fell. Total holdings are now 846,842 BTC.
STRC still has a daily trading volume of over $140 million. Liquidity has not deteriorated.
And the variable interest rate mechanism is working. The company can adjust the interest rate according to market conditions. This flexibility contains both risk and opportunity.
How do I evaluate this instrument?
STRC cannot be evaluated as a pure fixed-income instrument. It has 846,000 Bitcoin under it. If Bitcoin falls, STRC falls. If Bitcoin rises, STRC recovers and approaches $100. The 11% to 13% dividend is the price of this volatility.
The $89 price can be read in two ways. First, it's a real risk signal. USD reserves have dwindled, competition has increased, and the financing channel has closed. These risks are real. Second, it's an opportunity. If BTC goes from $65,000 to $80,000 or $90,000, and STRC returns to $100, that means a 12.4% capital gain. Plus an 11.25% dividend.
This combination is high-risk but an asymmetrical picture.
I'm holding a small position. My plan is this: when BTC establishes a stable base above $70,000, the probability of STRC returning to its nominal value increases. I'll add to that scenario. For now, I'm waiting and continuing to receive dividends.
A 12% dividend seems attractive. But without a Bitcoin price of $846,000 below it, this figure isn't realistic.

This content is for informational purposes only and does not constitute financial advice.