#STRC跌破面值11%创上市新低

Perpetual preferred stock STRC issued by Strategy (formerly MicroStrategy), closed at $89 on June 17, down 11% from the $100 face value, with a low of $88.50 during the day, hitting a new low since its listing in July 2025. This is not an ordinary technical correction but a concentrated release of structural risks.

Root cause of de-anchoring: three major structural contradictions

First, the "never sell" promise has been broken. In May, Strategy sold 32 bitcoins (about $2.5 million) for the first time to pay dividends on STRC. Although the scale was small (only 0.0038% of the 846k holdings), the symbolic significance is huge—the market remembers not just "sold 32," but "they really will sell."

Second, the financing flywheel has stalled. STRC’s ATM (on-market issuance) plan has a core mechanism: when the stock price is above $100, the company issues new shares to buy Bitcoin; once below face value, the mechanism automatically pauses. Currently, an 11% discount means the financing channel is cut off.

Third, dividend reserve is rapidly depleting. As of May 31, the dollar reserve has fallen from $2.5 billion in early February to $900 million, a 60% shrinkage. The company has about 7.5 months of liquidity left to pay preferred dividends.

Chain reaction: increased competition pressure

Competitor Strive’s SATA preferred securities are trading close to their $100 face value, offering an annualized yield of about 13%, 1.5 percentage points higher than STRC, with daily dividend payments and no leverage risk. Funds are flowing from STRC to SATA, forming a self-reinforcing downward spiral.

STRC is essentially a hybrid instrument highly correlated with Bitcoin’s price. Is $89 an opportunity or a trap? The answer lies not in STRC itself but in Bitcoin’s next phase of movement. Currently, Strategy has paused its ATM issuance plan, and the capital engine is stalled. The perpetual motion machine mode of this "Bitcoin treasury company" is facing a real test.