STRC trades at $88.59, below $100 par value
STRC was designed to trade near its $100 par value, enabling the purchase of more Bitcoin.
The instrument is now trading at a deep discount, suggesting the BTC buying channel is under pressure.
Launched in July 2025, STRC was designed to trade near par through adjustable dividends, currently 11.5% annualized, with proceeds used primarily to acquire Bitcoin.
The widening discount has pushed STRC’s effective yield above 12.9% and contributed to a pause in at-the-market share issuance, risking a slowdown in the capital-raising flywheel behind Strategy’s Bitcoin treasury, which now holds more than 846,000 BTC.