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Following
BTC Strategy's STRC preferred stock approaches US$100, or restarts Bitcoin financing channel
Core points:
- Strategy (formerly MicroStrategy)'s STRC preferred stock price approaches US$100, which may reopen its channel for share sales through an offering plan. The plan still has approximately US$17.5 billion remaining in issuance.
- STRC rebounded about 40% from its June low to $99.41. Strategy maintains a variable annualized dividend yield of 12%.
- Although Strategy previously used STRC earnings to purchase 21,021 bitcoins, a stock price hit of $100 will not automatically trigger additional cryptocurrency treasury purchases.
Strategic pricing policies and repurchase behavior
Strategy's STRC preferred stock is approaching the critical level of $100, which is expected to support the company's fundraising to buy Bitcoin. As of the close on October 2, the stock closed at $99.41, just 59 cents short of the priority threshold for additional issuance set by Strategy.
According to Strategy's public policy statement, the company currently has no plans to sell new STRC shares below $100. Conversely, Strategy has adopted a repurchase strategy during periods when STRC trading prices are below this level to maintain control over preferred stock prices.
US$17.5 billion in remaining capacity provides financing space
若能收复100美元关口，Strategy将能够通过其“按市价销售”（at-the-market）计划恢复股份销售，而无需发行额外的MSTR普通股。截至10月4日，该计划仍有约175亿美元的剩余容量，为资金筹集提供了充足的空间。
需要注意的是，Strategy可将募集资金用于一般企业用途，包括购买比特币，但可用的发行额度并不等同于现有的现金储备。STRC附带12%的可变年化股息率，这是基于其100美元的票面金额计算的，而非交易价格。Strategy有权调整股息率，同时，股票市场价格的变化也会影响投资者实际获得的收益率。
STRC的复苏历程回顾
今年5月，STRC曾一度在100美元附近交易，随后卖压推动股价从95美元上方跌至更低水平。6月26日，该股盘中创下71.25美元的日内低点，随后反弹至80多美元区间，并在7月份进入盘整阶段。
8月初，股价突破90美元大关，并在8月和9月期间呈现出更高的高点和更高的低点。9月18日，STRC触及98.51美元；9月29日进一步攀升至99.56美元，使得发行门槛近在咫尺。
尽管收盘价仍低于100美元，但10月2日的收盘价较6月低点实现了约40%的强劲反弹。此前，STRC曾通过Strategy的发行活动为重大比特币收购提供资金支持，该次发行于2025年7月筹集了约24.7亿美元。
Historical case: STRC's role in treasury financing
Strategy used the proceeds of this offering to acquire 21,021 bitcoins for approximately US$2.46 billion, which fully demonstrates STRC's established important position in corporate treasury financing. However, reaching $100 does not automatically trigger another acquisition, because Strategy must first complete the share sale and decide how to allocate the proceeds.
