Strategy's STRC preferred stock has fallen to a record low near $85, well below its $100 par value, as Bitcoin weakness and rising competition erode demand.

Strategy CEO Phong Le says the company may raise STRC's dividend rate or USD reserves to restore the preferred stock to its $100 par value.

Strategy's bitcoin-backed preferred stock remains well below par value as concerns over dividend coverage and stronger competition from Strive's SATA.