Michael Saylor has drawn a line in the sand on Strategy’s newest financial instrument. The executive chairman committed to issuing shares of STRC, the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, exclusively at or above its $100 par value.
What STRC actually is and why it matters
Think of STRC as a hybrid creature. It’s a perpetual preferred stock, meaning it has no maturity date, that pays a variable dividend and trades on public markets. The par value sits at $100 per share, which functions as the instrument’s anchor price.
Saylor’s commitment is straightforward: Strategy will only raise capital through at-the-market issuance when STRC trades at or above that $100 mark. If it dips below, the company steps back from selling new shares. This protects existing holders from the kind of below-par dilution that can erode confidence in preferred stock instruments.
Launched in July 2025, STRC initially raised approximately $2.5 billion in gross proceeds. That figure has since climbed past $3.4 billion, with the vast majority of capital directed toward one thing: buying more Bitcoin.
