The correlation between STRC and BTC has soared to 0.7, is this still called a preferred stock? It's clearly a leveraged token in disguise, and an 11.5% dividend can't fill a 23% gap.

Strategy Perpetual Preferred Stock STRC's 90-day correlation coefficient with Bitcoin has risen to nearly 0.70, the highest since its launch in July 2025, weakening its appeal as a relatively stable yield instrument. STRC has fallen 23% month-to-date to $76, far below its $100 par value; Bitcoin has dropped nearly 20% over the same period to below $60k. STRC's current annualized dividend yield is 11.5%, and its below-par trading limits Strategy's ability to raise funds through additional issuance to purchase Bitcoin. (CoinDesk)