STRC preferred shares fall below face value to new lows: Strategy financing in trouble, Saylor hints at imminent Bitcoin accumulation

Strategy Preferred Stock STRC Falls to $82.53, a New Historical Low, Nearly 17% Below Par Value of $100, Bitcoin Has Declined Over 40% Since STRC Launch.
(Background: Bitcoin Decline, Strategy Preferred Stock Discounted by 8%! Three Major Reasons Why STRC Approaches Historic Lows)
(Additional Context: MicroStrategy Preferred Stock STRC Drops to $88, Is an 11.5% Annual Dividend Worth Buying on Dips?)

Table of Contents

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• STRC Breaks Below Par: Signal or Noise?
• Blockstream CEO Speaks Out: FUD Exaggerated
• Saylor Sends Signal: Is a Buyback Coming Tomorrow?
• Lessons from Enterprise Bitcoin Financing

MicroStrategy’s flagship financing tool, Stretch Preferred Stock (STRC), hit a historic low of $82.53 on June 22, ultimately closing at $88.59, nearly 12% below the $100 par value. This marks an unprecedented pressure on Strategy’s Bitcoin financing pipeline.

STRC Breaks Below Par: Signal or Noise?

STRC was launched in late July 2025, designed to keep trading prices close to the $100 par value, allowing Strategy to raise funds to continuously buy Bitcoin. Less than a year later, BTC price has fallen from about $92k at launch to around $64k, a decline of over 40.

The discount on STRC reflects a simple causal chain: Bitcoin price drops → Strategy’s average BTC cost basis is broken → Market worries that Strategy will need to sell more Bitcoin to pay preferred dividends → Financing capacity diminishes.

CryptoQuant analyst Axel Adler pointed out in the latest weekly report that Strategy currently faces four major pressures: Bitcoin falling below the average cost basis, STRC financing capacity weakening, selling Bitcoin breaking the “buy and hold” narrative, and dilution effects from stock issuance. However, Adler believes there is no systemic risk in the short term, nor any imminent large-scale sell-off.

Blockstream CEO Speaks Out: FUD Exaggerated

Early contributor to the Bitcoin community and co-founder of Blockstream, Adam Back, stated on social media that the market’s negative views on Strategy and STRC are unfounded. Strategy’s approach is essentially “selling Bitcoin to pay dividends,” which does not alter its Bitcoin reserve strategy but instead demonstrates that Bitcoin can be used to pay investors and simultaneously reduce debt ratios.

Back further explained that Strategy is showcasing a new financial model: Bitcoin as a cash alternative in corporate asset management. If successful, this model could mean that in the future, companies not only hold Bitcoin as a reserve asset but also use it for capital operations and liquidity management.

Saylor Sends Signal: Is a Buyback Coming Tomorrow?

On the same day STRC’s price declined, Strategy co-founder Michael Saylor posted another Bitcoin Tracker message on X. According to Strategy’s historical pattern, the company tends to disclose new Bitcoin purchase data the day after each Tracker message.

This suggests Strategy may be preparing for a new round of Bitcoin buying to reinforce market confidence in its “buy and hold” strategy. If the purchase amount is significant, the discount on STRC could narrow accordingly.

Lessons from Enterprise Bitcoin Financing

The discount trend of STRC has two implications for Taiwanese investors: First, Bitcoin prices are not only rising but also falling—by April 2026, Bitcoin has already fallen about 23% from its high of $83k in April. Second, the flexibility of preferred stock financing tools—Strategy has established a mechanism of “paying dividends with Bitcoin,” which future Taiwanese companies might emulate, incorporating crypto assets into their financial statements and then converting to liquidity.

Currently, STRC’s annualized yield is approximately 9.5% to 11.5% (depending on the discount level). For conservative crypto investors, this already presents a relatively attractive fixed income alternative.