Strategy's preferred shares called Stretch (STRC) continue to dive and update anti-records and are already trading well below the required $100 mark.

STRC is Strategy's key tool for financing BTC purchases and represents a perpetual preferred stock with a variable dividend rate, which Strategy itself positions as a "digital credit". The instrument was designed to pay high dividends while maintaining a stable price around $100 through monthly rate adjustments.

When STRC trades above the $100 par value, Strategy launches an at-the-market (ATM) program, issuing new shares and directing the proceeds to purchase BTC. When STRC trades below $100, Strategy automatically suspends the issuance of new shares and loses new capital for BTC purchases.