Strategy's perpetual preferred stock, STRC, briefly climbed back to $100 on November 4, its first touch of that level since May. The move returns the security to the minimum price at which the company currently intends to issue new shares through its at-the-market (ATM) program, potentially reopening a fundraising channel that has previously financed the firm's Bitcoin purchases. ATM arrangements of this kind allow companies to sell shares incrementally into the market at prevailing prices, which makes the security's trading level a practical condition for new issuance.

According to Wu Blockchain, the preferred stock's recovery to the $100 level follows Strategy's repurchase of approximately $2.25 billion worth of STRC between July and November 1. The threshold is significant because it represents the minimum price at which the company currently intends to issue new shares under the ATM program.

STRC ATM Sales Previously Funded Bitcoin Purchases

SEC filings show that Strategy generated $5.46 billion in net proceeds from STRC ATM sales during the second quarter of 2026, and that the company used those proceeds to purchase Bitcoin. This made the preferred stock program a documented funding source for Strategy's cryptocurrency acquisition strategy. Perpetual preferred stock of this kind has no maturity date and ranks between a company's debt and its common equity in the capital structure.

The program then went quiet. The filings indicate that Strategy conducted no STRC ATM sales in the third quarter of 2026, marking a pause in its use of preferred stock issuance to raise capital during that period.

Against that backdrop, the return to $100 could represent a meaningful shift in the conditions surrounding the program. With STRC trading at the price threshold Strategy currently targets for new issuance, the company may once again have the opportunity to sell shares through the ATM arrangement.

$17.51 Billion Remains Available Under the Program

As of November 1, Strategy had $17.51 billion remaining available under its STRC ATM program, according to the information cited by Wu Blockchain. That figure reflects the program's remaining issuance capacity rather than capital already raised or funds currently available for Bitcoin purchases.

Taken together, the restored $100 share price and the unused ATM capacity could provide Strategy with another potential funding route for its Bitcoin acquisition plans. If the company resumes issuing STRC shares, the proceeds could be directed toward further Bitcoin purchases, following the approach documented in its second-quarter filings. For readers tracking whether the channel reopens, the next confirmed signal would come from Strategy's SEC filings, the same record that documented the program's second-quarter activity and third-quarter pause.

Nevertheless, the price milestone should not be interpreted as confirmation that new capital has already been raised. The latest filing cited in the report showed no new STRC ATM sales, and any renewed issuance remains conditional. The reported $17.51 billion represents the capacity still available under the program as of November 1, not committed funds.