#STRC跌破面值11%創上市新低

STRC is the perpetual preferred stock issued by Strategy (formerly MicroStrategy), led by Executive Chairman Michael Saylor. Launched in July 2025 with a $100 par value per share, it was designed as a funding vehicle for Strategy's Bitcoin accumulation. The initial annualized dividend rate was 9%, linked to SOFR, adjustable monthly to anchor the price near $100. If the price falls below $99, dividends increase; above $101, they decrease or new shares are issued. This dual mechanism of dynamic dividends and Bitcoin over-collateralization aimed to keep STRC near par while attracting traditional investors.
Point 1: What Does 11% Below Face Value Mean?
Face value (par value) is the nominal $100 per share assigned at issuance. An 11% discount means the market price has fallen to approximately $89, an $11 gap from par. On June 18, 2026, STRC hit an intraday all-time low of $88.51 before closing at $89. Preferred stocks typically trade near par because dividend adjustments pull prices back. An 11% discount signals the anchoring mechanism is failing and investors demand a higher effective yield to compensate for perceived risk. The current effective yield has climbed to 12.92%, far above the 3.8% risk-free rate, indicating considerable perceived risk.
Point 2: Record Low After Listing
A record low after listing means the lowest price since STRC began trading. Over eleven months, it had generally traded near or above $100. The $88.51 intraday low on June 18 marks the absolute lowest point in its history, showing selling pressure has intensified beyond any prior level. The RSI stands at 24.39, signaling extreme oversold conditions. STRC has fallen for three consecutive days, which is viewed as a bearish technical pattern.
Point 3: Why Is STRC Falling?
First, Strategy sold 32 Bitcoin for approximately $2.5 million in late May to fund STRC dividends, breaking its "never sell Bitcoin" stance. Saylor framed this as "inoculating the market," but the psychological impact was severe, signaling potential future BTC sales to meet obligations. Second, Bitcoin has been in a prolonged downturn, falling below $60,000 in early June 2026, reaching $59,098, driven by geopolitical tensions from the Iran conflict, hawkish Fed outlook, stronger dollar, and reduced institutional demand. Strategy's leveraged model is tied to BTC price, so when BTC drops, STRC's collateral backing weakens. Third, Grayscale's Zach Pandl stated Strategy's leveraged model is under pressure and its ability to accumulate new tokens at current share prices is limited. Fourth, STRC's de-anchoring triggered contractual obligations: when it fell below $95 on June 3, the dividend rate increased 0.5%, raising annual costs by approximately $53 million. Fifth, options traders are building bearish positions, betting the par discount will persist and force changes in Strategy's dividend policy or slow STRC's use as a BTC funding vehicle.
Point 4: Impact on Strategy's Bitcoin Buying
When STRC trades above $100 par, Strategy sells new shares via its at-the-market program and uses proceeds to buy Bitcoin. At $89, 11% below par, the ATM program is paused because selling below par is dilutive. Only 1 BTC was purchased through STRC in May 2026. Strategy continues buying through other channels: selling MSTR shares to raise $181 million for 1,550 BTC at $65,332 average in early June, then acquiring 1,587 BTC for $100 million between June 8-14. Total holdings now reach approximately 846,842 BTC, but sustaining this pace without the STRC ATM channel is a meaningful constraint.
Point 5: Impact on Bitcoin and the Broader Crypto Market
Strategy is the largest corporate BTC holder with over 843,000 coins. Its buying has been a significant demand source. With STRC impaired, this demand channel is diminished. Grayscale emphasized other buyers must step in for BTC to find a sustainable bottom. Bitcoin currently trades around $63,000-63,500 as of June 20, 2026, down from its October 2025 high of $126,198. The broader market shed approximately 4%, with ETH and XRP losing around 5%. Technically, BTC broke below the 0.382 Fibonacci at $64,968, Supertrend flipped bearish at $68,399, and the 0.236 Fib at $62,725 is the last defense before retesting $59,098. A bear flag remains intact, with analysts warning targets as low as $49,000 or $38,555 if the breakdown follows through. Deribit traders are buying puts with strikes down to $52,000, reflecting mounting bearish sentiment. Institutional demand is also weakening: ETF and futures allocations have fallen to March 2025 levels.
Point 6: The Vicious Feedback Loop Between STRC and BTC
As BTC falls, STRC's collateral backing weakens, pushing STRC lower. As STRC falls below par, Strategy's capital-raising capacity shrinks, reducing BTC buying. Less buying means less demand support, pushing BTC lower, further weakening STRC. Strategy's 32 BTC sale reinforced perceptions that more sales may follow, creating a potential negative spiral. Analysts noted Saylor "tried to save STRC by signaling willingness to sell Bitcoin, and cratered it all in the process," with the company perceived as cornered.
Point 7: Strategy's Countermeasures and Current Outlook
Saylor stated the goal is to make STRC the world's best credit instrument. Strategy pointed to its reserves providing 32 years of dividend coverage. The dividend rate has risen to 10.25%, with effective yield at 12.92%, significantly above Treasuries at 4.2% and savings rates at 3.5%, potentially attracting pension funds and family offices. Strategy increased its USD Reserve to $1.1 billion through common stock sales and resumed BTC buying through MSTR shares. However, with STRC at $89, the ATM remains paused. Whether elevated yields pull STRC back toward par or bearish momentum keeps it depressed remains the central question.
Point 8: What to Watch Going Forward
Monitor whether STRC recovers toward $100 par, reopening the ATM channel. Watch if BTC holds above $62,725 Fibonacci support. Track institutional ETF flows since other buyers must now support BTC. Follow STRC dividend rate adjustments, as further increases raise costs and could force more BTC sales. Consider the broader macro environment including Fed policy, dollar strength, and geopolitical developments. The coming weeks will determine whether the STRC-BTC loop spirals further or begins reversing.
@Gate_Square