Strategy’s stock STRC fell to a record low of $89, weakening a funding channel the company uses to support its Bitcoin accumulation strategy.
The stock closed about 11% below its $100 par value, making it harder for Strategy to issue new shares through its at-the-market program.
That matters because STRC is not just another equity instrument. When it trades above par, Strategy can sell new shares directly into the market and use the proceeds to buy more Bitcoin. With STRC below par, the company has paused that issuance route, removing one of the levers it uses to keep accumulating BTC.
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The drop also comes after a sensitive moment for Michael Saylor’s company. Strategy disclosed on June 1 that it sold 32 BTC for about $2.5 million in late May to fund STRC distributions. That was the company’s first Bitcoin sale since it began accumulating BTC in 2022, and it unsettled traders used to Saylor’s long-running “never sell” message.
Strategy later tried to calm those concerns. Last week, the company said it had increased its dedicated U.S. dollar reserve to $1.1 billion to cover preferred dividends and debt, while still buying another 1,587 BTC through separate common-stock sales.
The company remains the largest corporate Bitcoin holder, with about 846,842 BTC, roughly 4% of the supply that will ever exist. But the STRC decline shows that its accumulation model depends not only on Bitcoin conviction, but also on healthy demand for Strategy-linked financing instruments. If those instruments stay weak, future BTC purchases may become harder to fund.
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