Strategy’s STRC preferred stock touched an all-time low of $82.53 this week, a fresh blow to investor confidence in the company’s aggressive Bitcoin acquisition strategy. The decline piles pressure on the firm’s ability to meet its dividend obligations and raises questions about its plans to keep buying BTC.
All-time low
STRC fell to $82.53 on June 18, the lowest closing price since the preferred shares started trading. The drop extends a months-long slide that has wiped out more than a third of the stock’s value from its 2025 high. Trading volume was elevated, suggesting institutional holders are re-evaluating their positions.
Dividend pressure
The preferred shares carry a fixed dividend that Strategy must pay before any common-stock distributions. With STRC trading below par, the cost of servicing that dividend relative to the stock’s market value has risen sharply. The company now faces a tighter math: either find cheaper capital to refinance the preferreds or risk a dividend cut that would further spook investors.
Bitcoin buying in question
Strategy has funded much of its Bitcoin accumulation through convertible notes and preferred stock offerings. The STRC low makes it harder to issue new preferred shares at attractive terms, limiting the company’s ability to raise fresh cash for BTC purchases. The timing isn’t great — Bitcoin has been range-bound near $70,000, and any pause in Strategy’s buying removes a known demand source from the market. The company has not said how it plans to bridge the gap, leaving investors to guess whether the next move is a dividend restructuring or a pivot to alternative financing.
