Strategy Inc’s newest financial instrument is doing exactly what it was designed to do. STRC, the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, is climbing toward its $90 IPO price, while MSTR common shares are sliding more than 7% intraday.
The preferred stock doing its job
STRC has been trading between $88 and $89.50, showing steady upward momentum toward the $90 level. That $90 figure matters because it was the IPO price when the offering closed on July 29, 2025.
The initial public offering raised approximately $2.521 billion in gross proceeds, with net proceeds landing around $2.474 billion. That makes it one of the largest US exchange-listed perpetual preferred offerings in recent memory.
Strategy used those proceeds to buy 21,021 Bitcoin at an average price of approximately $117,256 per coin. The company essentially created a yield instrument, sold it to income-hungry investors, and immediately converted the cash into Bitcoin.
