Bitcoin has fallen roughly 50% since STRC launched — is STRC under pressure?

Bitcoin has fallen roughly 50% since Strategy launched Stretch (STRC) in late July 2025, and the funding instrument that was meant to trade near its $100 par is now at a deep discount. STRC hit a record low of $82.53 before closing at $88.59, driving its effective yield above 12.9% and contributing to a pause in at‑the‑market share issuance that could slow the capital‑raising flywheel behind Strategy’s Bitcoin treasury, which holds more than 846,000 BTC.

Critics including Peter Schiff have labelled STRC a “classic centralized Ponzi,” arguing the vehicle depends on fresh capital or Bitcoin sales to meet obligations, and crypto trader DonAlt also questioned why STRC was “trading like a Ponzi” after sliding below par.

Strategy has not directly engaged those critiques but has moved STRC to a semi‑monthly dividend schedule and continues to present it as preferred equity backed by a Bitcoin‑focused treasury approach. The pace of Bitcoin accumulation has slowed as STRC trades under par.

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