STRC Preferred Stock Nears $100 Milestone as Bitcoin-Backed Financing Proves Its Mettle

Forget traditional collateral—bitcoin is rewriting the rulebook for corporate finance. Strategy's STRC preferred shares are flirting with the triple-digit mark, a clear market endorsement of an asset-backed model that sidesteps legacy banking bottlenecks.

The Bitcoin Backbone: How Digital Assets Anchor Value

This isn't speculative vaporware. The model uses bitcoin holdings as direct collateral, creating a tangible link between crypto reserves and tradable equity. It bypasses the traditional credit committee—value is proven on-chain, not in a boardroom presentation. The $100 price level acts as a psychological benchmark, signaling institutional-grade stability in a space often dismissed as volatile.

A New Playbook for Capital

The structure unlocks liquidity without forced asset sales. Companies can leverage appreciating crypto holdings to fund operations or growth—a stark contrast to dilutive equity raises or high-interest debt. It's capital efficiency, fueled by cryptographic proof rather than a banker's gut feeling. (Take that, traditional loan covenants.)

Why The Market Is Buying In

Investors aren't just buying a stock; they're buying into a verified, transparent financing architecture. The near-$100 valuation reflects confidence in the underlying mechanism—a bet that crypto-native finance can build something more resilient than the paper-thin promises of some legacy instruments. After all, in finance, sometimes the best innovation is simply removing the middlemen and their fees.

The $100 threshold is more than a number—it's a stress test passed. As bitcoin continues to assert its role as a core reserve asset, models like this move from fringe experiment to viable alternative. The real question for traditional finance isn't if it will adapt, but how quickly it can catch up.

Strategy’s preferred stock structure adds Bitcoin without upfront dilution

Between December 29 and December 31st, Strategy bought 1,287 BTC, pushing its total Bitcoin reserve to ₿673,783, while its USD reserve rose by $62 million, reaching $2.25 billion. The activity came as STRC showed a variable dividend of 11.00%, an effective yield of 11.01%, and a 30-day historical volatility of 12%.

Under Strategy’s current structure, Saylor can sell STRC with an 11% yield and use the proceeds to buy Bitcoin.

A $100,000 STRC sale WOULD fund the purchase of 1 BTC at $100,000, creating an annual dividend obligation of $11,000, according to data on the company’s website.

If bitcoin somehow hits $1 million five years from now, Strategy would still owe the same annual dividend payments worth $55,000, while the Bitcoin holding would be worth $1 million. That leaves a $900,000 capital gain, reduced by dividends paid, for a net gain of $845,000 tied to that position.

According to Strategy, the $55,000 in dilution tied to dividend payments is small compared with the $845,000 gain tied to the Bitcoin holding. The model depends on Bitcoin outperforming the 11% dividend rate, with no change to the dividend size as the asset value grows.

Capital activity details show common stock sales and unused capacity

Trading data shows STRC carrying a notional value of $2,958.7 million, with a 30-day average trading volume of $51.3 million, down 2.16%.

The next record date is January 15, and the next payout date is January 31, but STRC also carries a BTC rating of 6.2x.

During December 29 to December 31st, no STRC, STRF, STRK, or STRD preferred shares were sold, with available issuance at $4,042.4 million for STRC, $1,619.3 million for STRF, $20,335.0 million for STRK, and $4,014.8 million for STRD.

During that same week, 1,255,911 shares of MSTR Class A common stock were sold, generating $195.9 million in net proceeds and leaving $11,502.8 million available for future issuance.

From January 1 to January 4, 2026, Strategy said 735,000 MSTR Class A shares were sold, raising $116.3 million, as remaining availability for common stock issuance stood at $11,386.3 million.

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