How Strategy’s STRC fell below $83 in five weeks

STRC, the dividend-paying preferred equity issued by bitcoin treasury company Strategy (MSTR) and designed to trade at $100 par, slid to a low of $83 on Thursday — roughly 17% below target and its weakest level since debuting in July 2025. The drop reflected a mix of falling bitcoin prices, a repurchase of convertible notes at an 8% discount, rival Strive’s move to pay daily dividends on its SATA security, reduced liquidity buffers and weakening investor confidence.

Keeping STRC near par is important because it enables Strategy to raise capital efficiently through at-the-market offerings to fund the annualized 11.5% payout. On May 14 STRC closed at $100 heading into its monthly ex-dividend date while bitcoin traded above $80,000; that same day Strive announced daily dividends on SATA, offering a 13% yield and adding pressure as Strategy sought shareholder approval to shift STRC from monthly to semi-monthly payments to reduce ex-dividend volatility.

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