Overview
- Michael Saylor said on July 24–25 that STRC is now the largest holding in BlackRock’s PFF, Virtus InfraCap’s PFFA and VanEck’s PFXF, with those ETFs holding about $756 million in the preferred stock.
- STRC traded around $86.9–$87.1 on July 24, roughly 13% below its $100 par, and that price gap limits how much capital Strategy can raise by selling new preferred shares.
- Strategy reported that average institutional STRC positions rose about 105% to roughly $3.5 million between March and July while retail ownership fell from 78% to 71 percent.
- Strategy pays STRC a 12% annual cash dividend paid twice monthly and has tied further STRC issuance and Bitcoin purchases to the preferred returning to par, a dynamic that forced the company to sell 3,588 BTC for $216 million in a July 6 filing to fund dividends and liquidity.
- ETF accumulation and new venues for trading including Binance spot listings and perpetual futures have broadened access to STRC but have not closed the discount, which could force more Bitcoin sales or keep the company from expanding its preferred-stock funding plan.