#STRC跌破面值11%創上市新低 #STRC Falls Below Par Value, Hits New Listing Low

The preferred stock STRC (Variable Rate Series A Perpetual Stretch Preferred Stock) under Strategy (formerly Strategy) recently dropped to about $89, roughly 11% below its $100 par value, marking a new low since its listing in 2025.

Key market concerns include:

📉 Falling below par value impacts financing ability
STRC was originally designed to trade near $100 by adjusting dividend yields. Now, with the price significantly below par, Strategy has paused using STRC for ATM issuance financing, which was one of the company's main sources of funds for Bitcoin purchases.

💰 Higher yields reflect market risk premiums
Due to the price decline, STRC's effective yield has risen to over 12.9%, indicating investors are demanding higher returns to bear the risk.

₿ Bitcoin-related risks draw attention
Strategy's financing model heavily depends on Bitcoin assets and market confidence. Recent Bitcoin price volatility, the company's partial BTC sales to pay dividends, and competing products (like SATA) offering higher yields have put pressure on STRC.

📊 Market signals

STRC falling below par value indicates investors remain dissatisfied with the current dividend level.

The market expects the company may need to increase dividends to attract buyers.

If financing costs rise, Strategy's future pace of Bitcoin accumulation could be affected.

Summary:
STRC hitting a new low is not just an issue for the preferred stock itself but is seen as an important stress test on Strategy's "issuing securities to buy Bitcoin" model. If STRC cannot stay near par value long-term, the company's ability to expand Bitcoin reserves through preferred stock financing may be limited.

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