#STRC跌破面值11%創上市新低 STRC Crashes 11% Below Par to Record Low – Strategy's Bitcoin Funding Engine Stalls

Strategy’s preferred stock STRC has plunged to approximately $89** – an 11% discount to its **$100 par value – hitting an all-time low since its July 2025 listing .

What Is STRC?
STRC is a perpetual preferred stock issued by Strategy (formerly MicroStrategy), designed as a core fundraising tool for Bitcoin acquisitions . It features:
· Floating dividend adjusted monthly to keep the price near $100
· Current yield: ~12.9% (well above the 3.8% risk-free rate)
· ATM (at-the-market) issuance: enables new share issuance when price stays above par

Why Is STRC Crashing?
1. The 32 BTC Sale – First Since 2022
In May, Strategy sold 32 Bitcoin (~$2.5M) to cover STRC dividends . Though tiny relative to its ~846,842 BTC holdings, this broke the "never sell Bitcoin" narrative and shattered market confidence .
2. Bitcoin's Decline
BTC dropped below $60,000** in early June, pressuring Strategy's leveraged model. With an average purchase cost of **$75,656 per BTC, the company now holds an ~$11.14 billion unrealized loss .

3. Reserve Concerns
Strategy's cash reserves fell to $871 million – covering only ~6 months of STRC dividends, versus the prior 24-month target . This triggered fears about future liquidity.
4. Leveraged Liquidations
Strive CEO Matt Cole attributed part of the crash to forced liquidations from leveraged investors, creating a cascade that pushed prices below fundamentals .
Why This Matters: The Capital Flywheel Stops
STRC was the engine of Strategy’s Bitcoin accumulation model: issue STRC → raise cash → buy BTC .
Now at $89, the ATM mechanism is paused – issuing new shares below par is economically unviable . In May 2026, STRC funded only 1 BTC purchase .

Key risks identified by analysts :
Risk Factor Implication
Feedback loop Lower BTC → lower STRC → higher dividend costs → potential BTC sales
Dividend reset (June 30) Further rate hikes could drain cash
"Boredom" risk Prolonged sideways BTC could erode confidence in the structure
Funding halt Strategy loses its most efficient fundraising channel

What’s Next?
Strategy has boosted reserves to $1.1 billion and shifted STRC dividends from monthly to biweekly . But the core question remains:
Can STRC re-anchor near $100, or will the market continue pricing in structural risk?
CryptoQuant's Ki Young Ju warns: "Bitcoin's biggest risk is not a crash but boredom" – as a years-long sideways market would severely test such leveraged structures .#MyGateTradeStory #USIranTalksPostponed #TradFiCFDGoldMasters #PredictWorldCup🇩🇪vs🇨🇮