Strategy’s STRC surges above $90 for first time since June 17
Strategy Inc’s preferred stock STRC opened above $90 this week for the first time since June 17, closing at $92.32 after hitting an intraday high of $92.80. For a security designed to hover near its $100 par value, that gap has been a source of concern for holders. Now the spread is narrowing, and Michael Saylor’s buyback strategy appears to be the catalyst.
The move represents a meaningful recovery from STRC’s 52-week low of $71.25.
What STRC actually is and why it matters
STRC is a variable-rate perpetual preferred security designed to sit near $100, pay a high dividend, and not move around too much. The annual dividend yield clocks in at an estimated 10-12%, paid out semi-monthly. That’s the pitch: get economic exposure to Strategy’s bitcoin treasury activities without riding the full rollercoaster of BTC price swings.
Strategy Inc, which rebranded from MicroStrategy back in August 2025, has built an entire product suite around this concept. STRC sits alongside STRK, STRF, and STRD, each offering different risk-return profiles tied to the company’s massive bitcoin holdings. Saylor has described STRC specifically as a “digital credit instrument” focused on pure yield.
STRC’s slide from its 52-week high of $100.42 down to $71.25 demonstrated that even instruments designed to insulate investors from volatility feel the tremors when bitcoin markets get choppy.
The buyback playbook
When a company buys back its own preferred shares trading well below par value, it reduces the number of outstanding shares, which concentrates future dividend payments among fewer holders, and it signals to the market that management believes the shares are undervalued. STRC opened the session at roughly $89.99 before climbing through the $90 barrier and settling at $92.32.
On July 27, Strategy Inc announced it was suspending bitcoin purchases and increasing its cash reserves. Rather than adding to the bitcoin stack during a volatile period, the company chose to shore up the value of its existing securities.
What this means for investors
The recovery from $71.25 to $92.32 is encouraging, but STRC still trades at a meaningful discount to its $100 par value. A security with a 10-12% annual yield trading below par means investors are getting both the dividend stream and potential price appreciation if it returns to $100. The 52-week range of $71.25 to $100.42 gives a clear sense of the risk band.
STRC’s value is ultimately tethered to Strategy Inc’s financial health, which is itself tethered to bitcoin. The suspension of bitcoin purchases raises questions about whether the company sees near-term headwinds that justify stepping back from its core strategy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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