#STRC触及历史低点 STRC Hits All-Time Low: Capital Structure of Largest Bitcoin Institution Under Strain

In June 2026, Strategy (formerly MicroStrategy) issued floating-rate Series A perpetual preferred stock STRC, which continued to plummet, hitting an all-time low of $71.40 on June 26, a discount of up to 28.6% from its $100 par value. Meanwhile, MSTR common stock fell to $83.12, plunging 81.8% from its 52-week high of $457.22. The synchronized collapse of both securities compressed Strategy's entire capital structure to its most strained level in history.

The core of the crash lies in the complete stall of the "funding flywheel." STRC was originally Strategy's core funding tool—when its price was above the $100 par value, the company raised capital through ATM issuance, using all proceeds to add Bitcoin, forming a positive cycle of "issuing preferred stock → buying BTC → asset appreciation → stock price increase." Now, with STRC trading at a deep discount for an extended period, the issuance mechanism is entirely halted, and the company has lost a key channel for low-cost Bitcoin accumulation.

The sharp deterioration of cash reserves is another fatal blow. Since the beginning of 2026, Strategy's cash reserves have shrunk by 38% to $1.4 billion, while annual dividend obligations have surged from approximately $300 million to $1.2 billion, reducing dividend coverage from over seven years to just 14 months. More shocking to the market is that Strategy sold 32 Bitcoins for the first time at the end of May to pay dividends—the "only buy, never sell" narrative has been broken, and a crack has appeared in the foundation of faith.

The collapse of STRC is not just a problem with one preferred stock. As the largest corporate holder of Bitcoin, Strategy holds 847,363 Bitcoins with an average cost of approximately $75,651. With Bitcoin dropping below $60k, the company faces an unrealized loss of about $13 billion. Market concerns have shifted from Bitcoin's volatility to whether Strategy can long-term sustain its capital cycle model reliant on preferred stock financing.

Currently, STRC has evolved from a "stable income tool" into a real-time stress indicator of market confidence in Strategy and the entire narrative of Bitcoin institutional adoption. The interest rate reset on June 30 will be the next key juncture—whether this "funding flywheel" can restart is not only about one company's fate but also about whether the largest institutional buying force for Bitcoin can continue.