Strategy STRC Reaches $100, Reviving Potential Bitcoin Funding
Strategy’s STRC perpetual preferred stock briefly reached its $100 par value on November 4, its first return to that level since May. The price matters because Strategy currently intends to issue new STRC through its at-the-market (ATM) programme only when the shares are at least $100.
From July through November 1, Strategy repurchased about $2.25 billion of STRC. SEC filings show it raised $5.46 billion in net proceeds from STRC ATM sales in Q2 2026 and used the funds to buy Bitcoin, but made no STRC ATM sales in Q3. As of November 1, $17.51 billion remained available under the programme. The latest filing reported no new sales, so a resumption of issuance—and Bitcoin purchases funded by it—remains unconfirmed.
STRC had fallen below $80 in June as Bitcoin weakened. Strategy raised its variable dividend to 12% and bought back shares to support the preferred stock’s price. Daily dividend payments began this week, while the November rate remains 12% annualized, equivalent to $1 per share for the month. Strategy holds 849,327 BTC at an average purchase cost of about $75,446. A sustained STRC price above $100 could reopen a funding channel for Bitcoin purchases, but dividend obligations and exposure to Bitcoin’s market value remain risks. Traders will watch whether STRC holds above par and whether Strategy resumes ATM sales.
Neutral
The development is potentially supportive for BTC, but it does not confirm that Strategy has resumed buying. STRC’s return to $100 could let the company issue shares through its ATM programme and direct proceeds to Bitcoin, as it did in Q2. However, the latest filing showed no STRC sales, and the company’s ability to maintain the share price above par is uncertain. The preferred-stock dividend burden and Strategy’s large exposure to Bitcoin also leave it vulnerable to a market downturn.
In the short term, traders may treat the $100 level and any announcement of renewed ATM sales as signals to monitor, but the lack of confirmed purchases limits the immediate effect on BTC. Over the longer term, sustained issuance could create recurring corporate demand for Bitcoin and lend support to its price. That potential is conditional, though: STRC must remain eligible for issuance, and Strategy must choose to sell shares and buy BTC. On the information available, the news has a possible positive channel but no confirmed direct demand impact, supporting a neutral assessment.