Strategy’s STRC preferred stock touched $100 on Nov. 4 for the first time since May, returning to the price the bitcoin treasury company requires under its current policy before selling new shares.
Yahoo Finance’s intraday data showed the Nasdaq-listed security reaching $100 at about 12:38 p.m. ET. Its daily price history showed May 14 as the last previous session at or above that level. STRC was quoted at $99.99 at 12:44 p.m. ET.
Reaching $100 brings a potential bitcoin funding channel back within Strategy’s self-imposed issuance floor. Its latest quarterly filing says the company’s policy is not to issue STRC below its $100 stated amount. New sales at that price would comply with the policy, but the market touching $100 does not itself mean Strategy has resumed issuance.
The funding channel previously operated at substantial scale: Strategy used $5.46 billion of proceeds from STRC sales to buy bitcoin in the second quarter. It sold no STRC through its at-the-market offering program in the third quarter, according to the quarterly filing.
A Recovery After Billions in Buybacks
The return follows the June selloff The Defiant covered, when the preferred stock traded near historic lows. Yahoo’s history records a $71.25 intraday low on June 26.
Strategy began repurchasing STRC in July. In its buyback policy announcement, the company said purchases would generally be larger at deeper discounts and taper as the stock approached $100. Repurchasing below the stated amount reduces future preferred-dividend requirements at a discount, CEO Phong Le said.
Strategy reported $2.04 billion of repurchases through Oct. 25, including trades awaiting settlement. Its Nov. 2 filing disclosed another $208.2 million for Oct. 26–Nov. 1. Together, those disclosures put repurchases at roughly $2.25 billion through Nov. 1, according to The Defiant’s calculation.
That filing showed no STRC issuance during the latest weekly period and $17.51 billion remaining available for issuance and sale. Strategy instead financed its purchase of 811 bitcoin for $65.5 million with proceeds from sales of MSTR common stock.
STRC’s November terms set its annualized dividend rate at 12%, with daily record dates beginning Nov. 1 and payments generally each business day, subject to board declaration. Management’s stated policy is not to recommend changing that rate until STRC demonstrates sustained trading at or near $100.