#STRC跌破面值11%創上市新低

🚨 STRC Crashes Below Par — Strategy's Bitcoin Funding Engine Just Hit a Wall

Strategy's perpetual preferred stock STRC closed at $89 on June 17, an 11% discount to its $100 par value — the lowest close since its July 2025 Nasdaq debut. The intraday slide touched $88.50, marking a record that underscores a deeper structural problem.

The Dividend Paradox

STRC carries an annualized variable dividend rate of 11.50% (held flat for four consecutive months since March 2026). At $89, the effective yield climbs to roughly 12.9% — attractive on paper, but the mechanism behind it is now under scrutiny.

In late May, Strategy disclosed it sold 32 BTC (~$2.5M) to fund preferred dividends — the first net bitcoin reduction disclosed via a standalone 8-K filing. It was a signal that the company will monetize its treasury when the capital structure demands it, but it also triggered a harder question: if dividends require selling the core asset, how sustainable is the yield?

The ATM Is Shut

Because STRC trades below par, Strategy has paused its at-the-market share issuance program — the same channel it used to raise cash for BTC purchases. This means the flywheel that powered Strategy's bitcoin accumulation is currently frozen. No new STRC shares → no fresh capital → no incremental BTC buys via this vehicle.

Competitive Pressure

STRC isn't alone in the yield game. Strive's SATA preferred stock has emerged offering ~13% yields, intensifying competition for capital in the bitcoin-backed yield space. Meanwhile, BTC itself has slid below $63,000, adding downward pressure on all Strategy-linked instruments.

What's at Stake

STRC was designed as "Stretch" — Short Duration High Yield Credit — with monthly rate adjustments intended to keep it near par. That mechanism is now failing under real stress. The rate can only decline by 25bps + the SOFR drop each period, and cannot go below the SOFR floor. Strategy chose to hold the rate at 11.50% rather than raise it further — likely balancing growing cash obligations against the risk of accelerating dividend costs.

The bigger picture: S&P Global assigned Strategy a B- credit rating in October 2025, flagging a scenario where over $8B in convertible debt — $5B of it out of the money — could come due alongside a severe BTC price decline. STRC's sub-par descent is a live stress test of exactly that vulnerability.