Strategy's STRC preferred stock extended its slide to a fresh record low on Thursday, deepening the discount on one of the main channels the largest corporate bitcoin holder uses to fund its purchases.
The Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, traded near $85 on Thursday afternoon and touched an intraday low of $84.45, a 52-week low, according to Cboe real-time data around 3:15 p.m. in New York.
The level sits about 15% below the $100 stated amount the stock is designed to hold, and below its $90 IPO price. STRC carries a declared dividend rate of 11.50% a year; at Thursday's price, that lifts the effective yield to roughly 13.5%. The move extends a record-low close of $89 on Wednesday, a roughly 3% single-day drop on volume of about 5 million shares.
Strategy, the world's largest corporate holder of bitcoin with about 846,842 BTC, sells STRC near or above its stated amount and routes the proceeds into bitcoin. As the discount grows, that channel raises less cash per share. The record low lands two weeks after Strategy sold bitcoin for the first time since 2022 to fund preferred dividends, and as bitcoin trades around $63,900, below the roughly $75,656 average price Strategy paid for its stack.
