#STRC跌破面值11%創上市新低

When a product built to represent stability starts behaving like a high-volatility asset, markets pay attention.

That is exactly what is happening with STRC.

The variable-rate perpetual preferred stock issued by Strategy, the company formerly known as MicroStrategy under Michael Saylor, has become one of the most closely watched stress indicators in the crypto ecosystem. Designed to trade near its $100 par value while providing investors with dividend income supported by Strategy’s massive Bitcoin treasury, STRC was marketed as a bridge between traditional income investing and Bitcoin exposure.

Today, that bridge is under pressure.

On June 19, STRC plunged to a record low of $82.50, placing it more than 11% below its intended face value and marking the deepest discount since launch. The decline did not happen overnight. Earlier in the month, STRC had already fallen below $89 before sliding through multiple support zones and eventually reaching new lows. The fact that it has remained below par value for an extended period suggests that investors are reassessing the risks embedded within the structure.

Several forces are driving this selloff.

The first and most obvious is Bitcoin itself. Since peaking in late 2025, BTC has experienced a significant correction, with prices falling toward the $60,000 region. Because Strategy’s financial model is heavily tied to its Bitcoin holdings, any weakness in BTC directly affects investor confidence in the company’s preferred securities.

The second factor is leverage.

Many market participants entered STRC believing the instrument would remain relatively stable around its $100 reference value. As prices declined, leveraged positions began facing margin pressure. Forced liquidations accelerated selling activity, creating a self-reinforcing cycle where lower prices triggered more liquidations and more liquidations pushed prices even lower.

Dividend concerns have also become a major focus.

Strategy reportedly carries approximately $1.7 billion in annual dividend obligations across its preferred instruments. While the company maintains substantial resources, investors are increasingly questioning the long-term sustainability of these payouts if Bitcoin remains weak for an extended period. Any reduction in dividends would undermine one of the primary reasons investors purchased STRC in the first place.

Another development that captured market attention was Strategy’s sale of 32 Bitcoin near the end of May. Financially, the transaction was insignificant compared with the company’s treasury of more than 800,000 BTC. Psychologically, however, the impact was far larger.

For years, Strategy and Michael Saylor became symbols of the "never sell Bitcoin" philosophy. Even a small sale introduced doubt into that narrative and prompted investors to ask whether future sales could become necessary if financial pressures increase.

The broader implication extends beyond STRC.

Many investors now view the security as a real-time gauge of confidence in Strategy’s overall Bitcoin treasury model. If STRC continues to weaken, markets may interpret it as a signal that financing conditions are becoming more challenging for companies using large-scale Bitcoin accumulation strategies.

Bitcoin traders are watching closely for this reason.

The biggest concern is not the recent 32 BTC sale. The concern is whether prolonged market weakness could eventually force larger asset sales. With Strategy holding one of the largest corporate Bitcoin reserves in existence, even a modest liquidation would attract significant market attention and potentially increase volatility across the crypto sector.

At the same time, there are signs that Strategy remains committed to its long-term vision. Earlier this month, the company acquired an additional 1,550 BTC at an average price above $65,000, funded through equity issuance. That purchase demonstrated continued confidence in Bitcoin despite current market challenges.

The next phase depends largely on Bitcoin’s direction.

If BTC stabilizes and regains momentum, investor confidence could return, helping STRC recover part of its discount. If Bitcoin continues to decline, pressure on dividend expectations, capital raising, and treasury management may intensify.

For now, STRC has become more than a preferred stock. It is evolving into a market stress signal that reflects investor sentiment toward Bitcoin-backed financial structures. Whether this episode becomes a temporary dislocation or a deeper warning for the corporate Bitcoin treasury model will depend on how both Strategy and Bitcoin perform in the months ahead.

Markets often reveal risks before headlines do. Right now, STRC is sending a message that investors should not ignore.

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