Strategy’s Bitcoin-collateralized preferred stock STRC closed at $91.79 on June 16, the third-lowest closing price since it began trading in July 2025. CoinDesk reported that since the May 15 ex-dividend date, STRC has not returned to the $100 level. The company’s ability to pay dividends has dropped to 7 months; previously, cash reserves could cover 24 months.
STRC’s Price History and Ex-Dividend Pattern
STRC was initially priced at about $90. Its lowest historical closing price since listing was $88.60 (during two trading days in that month). Historically, STRC has typically traded near the $100 par value before ex-dividend dates (the cutoff date after which new buyers no longer receive the upcoming dividend). After ex-dividend, it usually falls by roughly the dividend amount, and then typically gradually recovers back toward par.
However, after the June 15 ex-dividend date, STRC still had not returned to par as of the time of the report, suggesting that the downward pressure this time has exceeded the impact of seasonal ex-dividend effects.
Confirmed Comparison Between STRC and SATA
The following are two comparison data points confirmed by CoinDesk’s report:
STRC (Strategy Bitcoin-collateralized preferred stock): $91.79, annualized yield of approximately 12.53% (annual dividend ÷ current share price), dividend coverage period of about 7 months, dividends paid every two months, debt structure includes $1.5 billion in outstanding paid-off convertible bonds and other preferred liabilities
SATA (Strive Bitcoin preferred securities): $99.99, annualized yield of about 13%, dividends paid daily, and currently has no outstanding debt
STRC trades at an $8.20 discount to SATA, the largest gap in history. CoinDesk analysts said that based on the current yield, the market may be signaling that STRC’s dividend rate needs to increase by about 100 basis points to restore market demand and bring the share price closer to the $100 par value. The above analysis is CoinDesk’s market interpretation and is not an official statement from Strategy or Strive.
FAQ
Why did STRC’s dividend coverage fall from 24 months to 7 months?
According to CoinDesk’s report, Strategy used part of its cash reserves to repay $1.5 billion in convertible bonds, leading to a significant reduction in the cash reserves available to pay STRC dividends; the payment capacity dropped from about 24 months to about 7 months.
What are the specific differences between SATA’s daily dividend model and STRC’s two-month dividend schedule?
According to CoinDesk’s report, SATA uses a daily dividend model, while STRC pays dividends once every two months. For income-focused investors who care about cash flow, daily dividends provide higher-frequency cash returns; in addition, SATA’s debt-free capital structure gives it a higher capital priority over STRC.
How is STRC’s annualized yield of 12.53% calculated?
According to CoinDesk’s explanation, the annualized yield is calculated as “annual dividend ÷ current market price.” Using STRC’s current quote of $91.79 and its fixed dividend rate, this yields approximately 12.53%. If STRC trades at a $100 par value, its annualized yield would fall to about 11.5%.
