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 Breaks Below Face Value: Timeline Review of a Chain Reaction from Bond Repurchases to BTC’s Decline
May 14: STRC closed at $100 before the ex-dividend date, with Bitcoin prices still above $80k, but market pressure had already emerged. Meanwhile, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing yields to 13%, further intensifying STRC's competitive pressure.
May 15: Strategy announced a buyback of $1.5 billion of 2029 convertible bonds at approximately an 8% discount. The market then focused on the fact that the company's dollar cash reserves used for dividends and debt support were utilized for this transaction.
May 26: Strategy confirmed that cash reserves participated in bond repurchases, reducing funds to about $871 million, which only covers approximately six months of STRC dividends, whereas the company's previous goal was to maintain about 24 months of coverage.
June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. After the announcement, MSTR's stock price dropped 5.9%.
June 5: Bitcoin fell below $60k, and STRC dropped to around $90.
June 8: Strategy shareholders approved changing STRC to pay dividends twice a month, and the company disclosed that dollar reserves had rebounded to $1 billion.
June 15: Strategy repurchased 1,587 BTC, with dollar reserves rising to $1.1 billion.
June 18: STRC intraday fell below $83, about 17% below its target price, hitting a new low since its listing in July 2025, and finally closed at $88.59.
Analysts believe that the core challenge facing STRC lies in its high-yield preferred stock structure being highly tied to the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also re-evaluating the financial products and capital systems built around Bitcoin.