#STRC跌破面值11%創上市新低

STRC falls below face value, down 11%, hitting a new all-time low since listing: Is the "buy crypto engine" strategy slowing down?

Strategy (NYSE: MSTR), which issues preferred shares called Stretch (STRC) to fund Bitcoin purchases, closed this week at $89, an approximately 11% discount to the $100 face value, marking the lowest level since its listing in July 2025.

What is STRC?

STRC is a "perpetual preferred stock" that combines features of bonds and stocks, using a floating dividend mechanism (currently an effective dividend yield of about 12.9%, adjusted monthly). Its design aims to keep the stock price stable around the $100 face value. It is an important funding source for Strategy’s continuous accumulation of Bitcoin.

What does falling below face value mean?

In the past, when STRC traded above face value, Strategy would issue new shares through an at-the-money (ATM) offering plan to raise funds, which would then be used to buy Bitcoin. Now that the stock price has fallen below face value, continuing to issue new shares would lack economic viability, so Strategy has paused this plan. This indicates that the "engine" that enables the company to keep increasing its Bitcoin holdings is slowing significantly.

More concerning is that in June this year, Strategy disclosed that to fund the dividend payments for STRC, it sold 32 Bitcoin (about $2.5 million) at the end of May, breaking its "buy-only" tradition since 2022. To reassure investors, Strategy has increased its reserve fund to $1.1 billion for dividend and debt payments, and has raised funds by separately selling common stock MSTR to purchase 1,587 Bitcoin.

Is it a Bitcoin problem or a Strategy problem?

It’s worth noting that Bitcoin performed relatively steadily this week, trading within a narrow range of $64,000–$65,000; meanwhile, MSTR dropped about 5% on Wednesday, closing at $116.52. Analysts point out that the decline in STRC is more related to Strategy’s financial structure—debt accumulation and fixed dividend obligations—rather than Bitcoin’s price itself. James Butterfill of CoinShares emphasized that cash flow and dividend coverage are key risks; Grayscale research director Zach Pandl believes that Strategy’s leveraged business model is under pressure, limiting its ability to continue accumulating BTC.

Current status

Strategy’s total Bitcoin holdings are approximately 846,842 coins, about 4% of the total BTC supply, remaining the world’s largest corporate Bitcoin holder. But the signal that STRC has fallen below face value reminds the market: even "whales" have limited financing ammunition.