Saylor's Stretch snaps: STRC slips to record low, pauses BTC piggy bank 🪙

Strategy's Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) fell to a record low of $82.53 on Tuesday, according to Yahoo Finance, undercutting its $100 par value by roughly 17.5% and forcing the firm to pause new share issuance through its at-the-market (ATM) program used to fund Bitcoin purchases. STRC, which launched in July 2025, last closed at $89 on Wednesday, about 11% below its target price. A separate Wednesday report pegged the intraday low at $88, while an earlier source cited a $91.79 close with an 8.2% discount to par on Tuesday. Bitcoin has held around $64,000 to $65,000 this week. Strategy's common stock MSTR dropped 6.35% on Tuesday to $122.81 and fell about 5% on Wednesday to $116.52, down 67% over the past 12 months.

Strategy designed STRC to trade near $100 through monthly variable-dividend adjustments, currently set at 11.5% with an effective yield of about 12.9% to 13% after the price decline. Markus Thielen, CEO of 10x Research, said the dip is linked to Strategy's recent Bitcoin buying. "The market would rather see [Strategy] not acquiring more BTC and rather keep the cash for dividend payments," Thielen told Cointelegraph. "It appears traders are seeing the latest BTC acquisition as an unsustainable path for STRC." Nick Ruck, director of LVRG Research, told Cointelegraph that "broader risk-off sentiment in crypto markets has weighed on investor appetite," adding that "persistent selling pressure and concerns over Strategy's expanding capital structure and ATM issuance appear to be testing that resilience in the near term."

On Monday, Strategy said it acquired 1,587 Bitcoin for around $100 million last week, after purchasing 1,550 BTC for about $100 million the week before, bringing holdings to 846,842 Bitcoin. Strategy holds roughly 4% of the supply that will ever exist, making it the largest corporate holder. The company also disclosed last week that it has grown a dedicated U.S. dollar reserve to $1.1 billion to cover preferred dividends and debt.

The slide follows Strategy's first Bitcoin sale since it began accumulating in 2022. The company disclosed on June 1 that it sold 32 coins for about $2.5 million in late May to fund STRC distributions. Strategy declined to comment to Decrypt on the recent volatility in STRC, which has drawn both retail and institutional buyers drawn to its double-digit dividend. Competing variable-rate preferred product Strive's SATA was trading at $100 with an effective yield of about 13%.