Strategy pulled in $206 million through its STRC perpetual preferred stock program this week, issuing 2.12 million shares. On the same day, the company bought $43 million worth of Bitcoin — its first purchase after a one-week pause. The fundraising comes as STRC returned to its $100 par value on May 11, unlocking fresh share sales under the at-the-money program.
How STRC works
STRC is designed to hold steady at $100 per share. Dividend payouts adjust based on the stock's price: when below par, yields increase; when at or above par, payouts can be cut to redirect capital to Bitcoin purchases. The stock currently yields 11.5% annually. Volume hit nearly $445 million on May 11, with the price trading in a tight range between $99.99 and $100.01. On May 8, STRC closed at $99.99 and climbed to $100 in after-hours trading on volume exceeding $218 million. The next ex-dividend date is set for May 15.
Bitcoin buy resumes
At an average Bitcoin price of $81,471, the $206 million raised could buy roughly 2,536 BTC. The $43 million purchase marks Strategy’s first dip back into the market after a short break. The company hasn’t disclosed how much of the STRC proceeds will go toward additional Bitcoin buys, but the program's design encourages buying when the stock is at par.
Schiff takes aim
Peter Schiff criticized Michael Saylor this week, arguing STRC is unsuitable for retirees and that Saylor’s marketing violates SEC antifraud and marketing rules. Schiff has long been a Bitcoin skeptic, and his latest attack zeroes in on the tension between STRC's fixed-price design and the volatile asset it funds. Strategy has not publicly responded to Schiff's criticism.
What comes next
With STRC back at par and the ex-dividend date on May 15, the company can continue issuing shares under the at-the-money program. Whether Strategy will accelerate its Bitcoin buying in the coming days is the open question — the program gives them room to move, but the market’s reaction to Schiff’s comments is still unfolding.
