Michael Saylor wants STRC to trade at exactly $100. Not $99. Not $101. A clean par, every day, with the kind of calm that would make a money market fund jealous. That vision hit some turbulence in mid-2026, and now Strategy is spending serious money to get back on track.
Saylor, executive chairman of Strategy (NASDAQ: MSTR), publicly reaffirmed the company’s commitment to keeping its Variable Rate Series A Perpetual Stretch Preferred Stock at or above its $100 par value. The goal is to keep price swings minimal, sometimes to a single penny, while maintaining daily trading volume in the hundreds of millions of dollars.
What STRC actually is
STRC is a perpetual preferred equity security. Investors receive variable monthly dividends, initially set at roughly 9% annualized, in exchange for something closer to price stability than you’d get holding Bitcoin directly.
The security is backed by Strategy’s Bitcoin holdings and its growing cash reserves, but no crypto tokens are involved in STRC’s structure. It’s designed for income-focused investors who want exposure to Strategy’s business model without waking up every morning to a 10% price swing.
Strategy raised approximately $2.5 billion through STRC when it launched the product in July 2025, using the proceeds to finance operations and continue accumulating Bitcoin. Trading volume hit $526 million on at least one occasion, and price fluctuations were reportedly limited to single-penny moves on strong days.
When the floor gave way
By mid-2026, STRC was trading between $74 and $88. Strategy’s response was to pull the ripcord on its at-the-market share sales and shift into buyback mode.
In July 2026, Strategy repurchased $25 million in STRC shares. More recently, the company followed with over $132 million in additional buybacks, reducing the float and putting a bid under the price. Alongside the repurchases, Strategy built up its USD reserves to roughly $4.8 billion while also holding approximately 840,447 Bitcoins as of mid-August 2026.
Strategy’s buyback campaign is partly a financial operation and partly a communication strategy. Every repurchase is a data point Saylor can point to when reassuring investors that the $100 floor is real and defended. The $4.8 billion in cash reserves is the loudest version of that argument.
The security has no stated maturity date, it’s perpetual, so there’s no forced resolution on any particular timeline. The company’s willingness to pause ATM issuance, a significant source of capital for a company that funds Bitcoin purchases through equity markets, shows how seriously it is taking the STRC price recovery.