Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
CFD
U.S. stock CFD derivatives
US Stocks
Access real US stocks and ETFs
HK Stocks
Trade quality Hong Kong-listed stocks
Stock Futures
High leverage, 24/7 trading
Tokenized Stocks
Backed by real stock assets
IPO Access
Unlock full access to global stock IPOs
GUSD
Mint GUSD for Treasury RWA yields
Stocks Activities
Trade Popular Stocks and Unlock Generous Airdrops
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
IPO Access
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
#STRC跌破面值11%創上市新低
Strategy STRC preferred stock closed at 88.59 on June 19, 2026, marking its second consecutive session below the 100 par value and registering an 11 percent discount to face value, the deepest since the instrument listed on Nasdaq in July 2025. The intraday low touched 82.50 before recovering modestly, a range that tells you more about the underlying mechanics than any single closing price could.
STRC is a perpetual preferred stock with a floating dividend mechanism designed explicitly to keep the trading price tethered near the 100 stated amount. The current effective dividend rate sits at 12.9 percent annually, adjusted monthly, which at face value translates to roughly 1.08 per share per month. The math is simple: if you buy STRC at 88.59, your effective yield on cost jumps to approximately 14.5 percent, a premium over the nominal rate that should theoretically attract yield-focused buyers and push the price back toward par. That mechanism has worked before. STRC dipped below 100 on prior occasions, typically during Bitcoin price volatility, and each time the floating dividend adjustment eventually pulled the price back up.
This time, the dynamics are different, and that is what makes the current discount structurally significant rather than cyclical. Bitcoin is not in freefall. It traded in a relatively compressed range between 64,000 and 65,000 through mid-June, which is not the kind of environment that historically pressured STRC below par. The pressure is coming from somewhere else: the ATM issuance engine that Strategy relied on to fund its Bitcoin acquisitions has been effectively disabled. When STRC traded above 100, Strategy could issue new shares at market through its at-the-market program, raising capital that was then deployed directly into Bitcoin purchases. Below 100, issuing new shares at a discount to par destroys economic value for the company and signals distress to the market, so the ATM program has been paused.
The consequences cascade. Without ATM-driven capital inflows, Strategy's primary funding mechanism for Bitcoin accumulation slows or stops. The company disclosed on June 1 that it sold 32 Bitcoin, approximately 250 worth, to cover STRC dividend obligations, breaking a only-buy-never-sell streak that had held since 2022. That single transaction, small in absolute terms relative to the 846,842 total holdings representing roughly 4 percent of Bitcoin supply, was enormous in symbolic terms. It told the market that the flywheel of issue-STRC-at-par, buy-Bitcoin-with-proceeds, Bitcoin-appreciation-supports-STRC-price had a crack in it.
Strategy responded by expanding its reserve fund to 1.1 billion earmarked for preferred dividends and debt service, and by separately selling common stock MSTR to fund the purchase of 1,587 additional Bitcoin. These are stopgap measures, not structural solutions. The reserve fund buys time but does not fix the underlying problem: if STRC stays below par, the ATM engine stays offline, and Strategy must find alternative, potentially more expensive, capital sources to sustain its accumulation trajectory.
On June 8, stockholders approved a shift from monthly to semi-monthly dividend record and payment dates, with the first semi-monthly payment scheduled for July 15. The intention is clear: more frequent dividend distributions should make the yield advantage of holding below-par STRC more immediately tangible, encouraging price recovery toward 100. Whether this cadence change is sufficient depends on whether investors interpret it as a genuine liquidity improvement or as a sign that the company is engineering short-term demand to protect its capital-raising infrastructure.
The broader lesson for anyone tracking Strategy's capital structure is that preferred stock below par is not just a price event. It is a funding event. The 11 percent discount to face value is a direct measure of how much marginal capital-raising capacity has been lost. At 88.59, every dollar of new STRC issuance would net only 0.8859 in capital versus the 1.00-plus that above-par issuance delivered. For a company that has built its entire identity around acquiring Bitcoin at scale, that compression in fundraising efficiency is the real story beneath the headline discount. The market is not just pricing STRC lower. It is pricing Strategy's Bitcoin accumulation engine at reduced horsepower, and until that engine shows signs of restarting, the discount is likely to persist not as an anomaly but as a reflection of structural reality.
#STRC跌破面值11%創上市新低 #MyGateTradeStory
@Gate_Square
STRC at $89: When Bitcoin's Biggest Funding Channel Breaks Below Par
The Breaking Point
Strategy Inc.'s STRC perpetual preferred stock has closed at $89 per share on June 17, 2026, marking an all-time record low and an 11% discount to its $100 par value.
The intraday low reached $88.50, breaching the IPO price of $90 for the first time since the instrument launched in July 2025.
For a security marketed under the name Stretch, short duration high yield credit, and designed to maintain stable pricing near $100 while delivering attractive dividends, this depegging is more than a technical milestone.
It represents a structural fracture in the largest corporate Bitcoin accumulation funding mechanism in the market.
The Mechanics Behind The Pressure
The mechanics are straightforward but the consequences are cascading.
STRC was created as a perpetual preferred stock with a floating dividend rate, initially set at 8.00% annualized and currently at 11.50%.
When the stock trades below $95, contractual provisions trigger an automatic 0.5% dividend rate increase on all outstanding shares, raising Strategy's annual dividend cost by approximately $53 million.
At the current $89 price, the effective yield reaches approximately 12.92% based on the 11.50% annualized rate.
Higher dividend costs mean more cash drain from the company's reserves, which in turn increases the probability that Strategy will need to sell Bitcoin to fund distributions, as it already did in late May when 32 BTC were liquidated for $2.5 million.
The Funding Channel Problem
The more consequential impact is on the at-the-market share issuance program.
Strategy has used STRC ATM sales as a primary capital-raising tool, generating approximately $377 million through the sale of roughly 2.4 million shares as of March 9, 2026.
These proceeds were directly deployed into Bitcoin purchases, helping Strategy's holdings surge to approximately 738,731 BTC with a market valuation exceeding $50 billion at then-prevailing prices.
However, when STRC trades below its $100 par value, issuing new shares becomes economically destructive.
The company would be selling equity at a discount to its intended value, effectively transferring wealth from new buyers to existing holders while receiving less capital per share for Bitcoin accumulation.
Strategy has therefore paused new STRC issuance, constricting what had been its most active funding channel.
The Bitcoin Market Impact
The broader market implications are significant.
Grayscale's head of research, Zach Pandl, noted that Strategy's leveraged business model is under pressure, and that this pressure has increased volatility for the entire Bitcoin market.
Strategy and BlackRock's IBIT ETF are the two largest single-entity Bitcoin holders, and Strategy's buying has historically provided a structural demand floor.
With the STRC channel paused, only 1 BTC was purchased through this mechanism in May 2026, compared to hundreds of millions of dollars in prior months.
The demand absorption that Strategy's perpetual buying provided has effectively vanished at a moment when the market is already testing June lows near $59,098 to $62,725.
The Deeper Structural Question
The STRC depegging also illuminates a deeper tension in preferred stock design for Bitcoin-linked instruments.
The $100 par value was intended as an anchor, a psychological and structural price floor that would make STRC attractive to yield-seeking investors who wanted equity-like returns with bond-like stability.
But Bitcoin's 50% decline from its October 2025 all-time high of $126,198 to the current $62,500 to $64,000 range has broken the implied promise that Strategy's BTC collateral would support stable preferred pricing.
Investors who bought STRC near $100 at issuance are now holding an 11% capital loss on top of whatever dividend income they have received.
The total return calculus depends heavily on how long the discount persists and whether Strategy can restore par-level pricing through Bitcoin appreciation or alternative funding structures.
What Traders Are Watching
For traders and analysts watching the STRC-BTC nexus, three variables matter most:
Bitcoin's price trajectory:A sustained recovery above $70,000 would likely restore STRC confidence and reopen the ATM channel.
Dividend sustainability:Each rate increase triggered by sub-$95 trading adds to the cash burden, and further declines could push the floating rate toward 13 to 14%, creating an accelerating cost spiral.
Alternative funding:Strategy has other preferred series including STRD, STRK, STRF, and common equity MSTR, but each carries its own market dynamics and cost constraints.
If Bitcoin remains range-bound near current levels through Q3 2026, the STRC discount could deepen further, testing whether the perpetual preferred structure can survive a prolonged bear phase without breaking the dividend funding logic entirely.
Final Thought
The experiment in Bitcoin-backed preferred equity is entering its most critical stress test.
#MyGateTradeStory
@Gate_Square