NEW YORK, June 26, 2026, 10:05 (EDT)
- Strategy’s common stock was near $85, while its STRC preferred traded near $74, well below its $100 stated amount.
- At the latest bitcoin price, Strategy’s reported 847,363 BTC stack was worth about $50.7 billion, roughly $13.4 billion below its $64.10 billion purchase cost.
- STRC’s 90-day correlation with bitcoin has climbed to nearly 0.70, the highest since the preferred stock began trading in July 2025.
Strategy Inc. (NASDAQ:MSTR) fell in early Friday trade, but the sharper signal for equity holders came from the company’s preferred stock, not the common shares.
MSTR was last at $84.82, down 0.6%, giving Strategy a market value of about $28.3 billion. Bitcoin was at $59,871, up 1.7% on the day, while Strategy’s Variable Rate Series A Perpetual Stretch preferred stock (NASDAQ:STRC) fell 2.7% to $73.68.
The gap matters because STRC is one of Strategy’s main capital-market tools for buying bitcoin and funding cash needs. It was designed around a $100 stated amount, but Friday’s price put it at a 26% discount. That turns the 11.5% stated dividend into an effective yield of about 15.6% for buyers at the market price.
A June 22 filing showed Strategy sold 2.7 million common shares in the week to June 21, raising $335.5 million. It used $34.9 million to buy 520 bitcoin, or just over 10 cents of each dollar raised. Strategy said its bitcoin holdings stood at 847,363 BTC, bought for $64.10 billion at an average price of $75,651, and its dollar reserve was $1.4 billion.
At Friday’s bitcoin price, that BTC pile was worth about $50.7 billion. The gross paper gap against cost was about $13.4 billion. The common stock market value was equal to about 56% of the gross bitcoin value, but that is not a clean asset-value signal: Strategy’s own filings warn that common holders do not own a direct claim on its bitcoin and that debt and preferred claims sit ahead of common equity.
The funding strain is plain in the preferred. Strategy’s March STRC annex allowed up to $21 billion of STRC sales through at-the-market offerings and said the company’s current plan was to issue additional STRC at $99 to $101 per share. That channel is less useful with STRC near $74.
CoinDesk reported on Thursday that STRC’s 90-day correlation with bitcoin had risen to nearly 0.70, the highest since its July 2025 debut. STRC was down 23% this month to $76 in that report, while bitcoin had slipped nearly 20% below $60,000.
That undercuts the preferred stock’s pitch as a steadier income product tied to Strategy’s bitcoin balance sheet. Earlier this month, Chief Executive Phong Le said paying STRC dividends twice a month was meant to “stabilize price.” Stockholders approved the semi-monthly cadence at Strategy’s June 8 annual meeting. Nasdaq
Strategy’s website says STRC pays 11.50% annual dividends, payable semi-monthly in cash, but also says the cash dividend is not guaranteed and the rate may change.
Two Prime CEO Alexander Blume told CoinDesk the issue was confidence. “Markets are about trust,” he said, adding that weak MSTR and STRC performance had hurt retail confidence in the structure. CoinDesk
Fundstrat digital asset strategy head Sean Farrell said he was “hesitant to aggressively buy the dip” in bitcoin after the latest selloff. That matters for Strategy because bitcoin now sits about 21% below the company’s average purchase price, while its common and preferred stock both depend on capital markets staying open. Investopedia
A June 23 prospectus supplement said STRC’s last reported Nasdaq sale price was $87.31 that day and set out the shift to two dividend payments per month. By Friday morning, STRC was about 16% below that level. The next clean read is June 30, when the last monthly STRC payment date and first semi-monthly record date meet.
