#STRC跌破面值11%創上市新低

[18/06, 2:36 pm] XAU/USD: When "Never Sell" Meets Dividend Obligations—Structural Warnings Behind the 11% Discount on STRC
[18/06, 2:36 pm] XAU/USD: On June 17, Strategy (formerly MicroStrategy)’s perpetual preferred stock STRC closed at $89, an 11% discount to its $100 face value, touching $88.50 intraday, the lowest closing price since its listing in July 2025.

This is not an ordinary technical correction. It is a release of a structural signal.

Three core contradictions are tearing apart this "high-yield stable" narrative:

1. The promise of "Never Sell" is broken
In May, Strategy sold 32 bitcoins (about $2.5 million) to pay dividends on STRC. This was the company's first bitcoin sale since accumulating BTC starting in 2022. Regardless of how small this transaction was (only 0.0038% of its 846k holdings), the symbolic impact far exceeds the actual amount. The market remembers not that "only 32 were sold," but that "they really would sell."

2. The financing flywheel has stopped
STRC’s ATM (at-the-market issuance) plan has a core mechanism: when the stock price is above $100 face value, the company issues new shares and buys Bitcoin. Once below face value, this mechanism automatically pauses. Currently, STRC is trading at an 11% discount—funding channels are cut off. The past few years of Strategy’s Bitcoin holdings growth heavily relied on this external capital injection capability.

3. Competition is "taking market share"
Competitor Strive’s SATA preferred securities are trading close to $100 face value, offering about 13% annualized yield—1.5 percentage points higher than STRC’s 11.5%, with dividends paid daily and no leverage risk. Funds are flowing from STRC to SATA, creating a self-reinforcing downward spiral.

The current 12.9% effective dividend yield seems attractive, but in the preferred stock market, high yields often mean high risk premiums, not investment opportunities. STRC is essentially a hybrid instrument highly correlated with Bitcoin’s price—when Bitcoin rises, the price returns to face value; when Bitcoin falls, the discount continues to widen.

Is $89 an opportunity or a trap? The answer lies not in STRC itself, but in Bitcoin’s next phase of movement.