#STRC跌破面值11%创上市新低 The STRC you follow has recently indeed fallen below its $100 face value, by about 11%, reaching a new historical low. This mainly points to preferred shares issued by Strategy Corporation (formerly MicroStrategy), not stocks on the A-shares or New Third Board.

📉 Core Events and Data

· New low in price: The price dropped to approximately $82.53 to $89, a discount of about 11%-18% from face value.
· Product nature: It is a perpetual preferred stock with an annual dividend yield of about 11.5%, designed to trade stably near the $100 face value.

⚠️ Three main reasons for the sharp decline

1. Sudden drop in cash reserves: A large amount of cash was used to repay debt, causing the dividend coverage ratio to plummet from enough for 24 months to only about 7 months.
2. First time selling Bitcoin to pay dividends: The company sold 32 Bitcoin for the first time to pay dividends, shaking market confidence in the “buy and hold” strategy.
3. Competition and strategy failure: Similar competitors offer higher dividends and have no debt, while STRC’s price stabilization mechanism has temporarily failed.

💡 Risks and Opportunities

· Risks: If Bitcoin remains weak or financing is blocked, the discount may further widen; and since the dividend rate is decided by the company, there is theoretically a risk of reduction or suspension.
· Opportunities: If future dividend increases or Bitcoin rebounds, the price may return to face value, offering an asymmetric opportunity of “capital appreciation + high dividends.”

Note: Companies related to “Ruike” (such as ST Ruike, Ruike Hans) on the A-shares market have also recently faced financial issues, but they are not the same as STRC.