Michael Saylor says Strategy is prepared to use company resources to keep its STRC preferred stock trading near its $100 par value, reinforcing the company's commitment to supporting the security as it navigates market pressure.

The comments add another layer to Strategy's increasingly complex capital strategy, which combines its large Bitcoin holdings with a growing portfolio of preferred securities designed to raise capital from investors. Strategy, known as MicroStrategy until its February 2025 rebrand, holds more than 600,000 BTC — the largest corporate Bitcoin treasury — and has funded ongoing purchases through repeated stock and convertible-note sales.

STRC, formally known as Strategy's Stretch preferred stock, was created with a $100 par value and has become an important part of the company's financing strategy. Recent market weakness, however, has pushed the security below that level, creating pressure on the structure Saylor has promoted to investors. His latest position indicates that Strategy does not intend to simply allow STRC to drift significantly below par if the company has the resources to intervene.

Source: X post

Strategy Wants STRC Near $100

The central objective for Strategy is relatively straightforward: maintain STRC close to its $100 reference price.

The company has already demonstrated that it is willing to deploy capital to support the preferred stock. Saylor previously said Strategy had allocated funds for STRC buybacks and maintained additional resources that could be used if necessary. That approach effectively gives the company a mechanism to respond when market conditions cause STRC to trade materially below par.

However, the strategy is not the same as guaranteeing a $100 market price. STRC trades on the open market, meaning investors ultimately determine its value. Strategy can influence supply and demand through buybacks and other capital-management measures, but market conditions can still affect the security. The distinction is important as investors evaluate how sustainable Strategy's support could become.

STRC Has Become a Major Financing Tool

Strategy has increasingly relied on preferred securities as it builds a broader financing ecosystem around its Bitcoin treasury.

Preferred stock sits between debt and common equity in the capital stack, typically paying fixed dividends that rank ahead of any payouts to common shareholders — a profile that appeals to income-focused investors.

STRC is particularly important because it was designed to provide investors with an income-oriented security while giving Strategy access to additional capital.

The security debuted on Nasdaq in June 2025, priced at $80 per share with an initial 8% dividend on the $100 stated value, equating to a roughly 10% yield at the offering price. It joined earlier preferred issues STRK and STRF in the company's lineup.

Recent reporting indicates that STRC has grown substantially, reaching a notional value of roughly $10.5 billion. Its dividend rate has also been adjusted as the company attempts to keep the security attractive to investors.

That makes STRC more than simply another security issued by Strategy. It has become part of the company's broader capital structure and a potential source of funding for future corporate activities.

Bitcoin Remains at the Center of the Strategy

Although STRC is a preferred stock rather than Bitcoin itself, the two are closely connected through Strategy's balance sheet.

Strategy has built its corporate identity around holding Bitcoin as a primary treasury asset. The company has repeatedly raised capital through different financial instruments and used the proceeds to acquire BTC.

That relationship means investors in STRC are indirectly exposed to some of the financial dynamics surrounding Strategy's Bitcoin holdings. When Bitcoin prices decline sharply, market participants can reassess the risk associated with Strategy's capital structure, which can affect the pricing of both its common stock and preferred securities.

Recent market analysis has highlighted the relationship between Bitcoin prices and STRC's yield spread, suggesting that investors increasingly view STRC as a credit-like product whose risk premium can change with Bitcoin market conditions.

Why the $100 Level Matters

The $100 level has become psychologically important for STRC investors. The security was structured around a $100 par value, and Strategy has sought to keep the market price close to that level.

When STRC trades below $100, investors may receive a higher effective yield because the dividend is calculated against the security's stated value rather than its lower market price. For example, if a security paying a $12 annual dividend trades below $100, its effective market yield becomes higher than 12%. That can attract buyers looking for income.

At the same time, a prolonged discount can signal that investors believe the existing dividend or risk profile does not adequately compensate them for holding the security. This creates a balancing act for Strategy.

Strategy Has Already Used Buybacks

Strategy's willingness to repurchase STRC is not merely theoretical. Saylor previously said the company had allocated approximately $1 billion toward buying back STRC and could potentially deploy additional capital if the initial program was insufficient to close the gap between market price and par value.

The company has therefore positioned itself as a potential buyer when STRC becomes significantly discounted, creating an additional source of demand for the preferred stock.

However, using corporate resources to support STRC also comes with an opportunity cost. Money used for buybacks cannot simultaneously be used for other purposes, including Bitcoin purchases, corporate expenses or maintaining liquidity reserves. This is one of the key issues investors will watch as Strategy continues to manage its growing capital structure.

STRC Faces Competition From Other Preferred Securities

Strategy is not the only company exploring Bitcoin-linked preferred securities. Other products have entered the market, giving income-focused investors more choices, and the universe of corporate Bitcoin treasury companies has broadened since Strategy popularized the model, expanding the set of instruments competing for the same income-oriented capital.

Strive's SATA preferred stock, for example, has attracted attention because it has traded closer to its $100 par value while offering a relatively high annualized payout. Recent analysis has highlighted the contrast between SATA and STRC as investors compare dividend structures, liquidity and risk.

That competition could make it harder for Strategy to maintain STRC's appeal if investors believe alternative securities offer better risk-adjusted returns. For Strategy, keeping STRC near par could therefore be important not only for existing shareholders but also for the company's ability to raise additional capital through the instrument in the future.

What Saylor's Comments Mean for Investors

Saylor's comments provide investors with a clearer picture of Strategy's priorities. The company appears determined to maintain confidence in STRC and prevent significant deviations from its $100 target, a commitment that could reassure holders who were concerned about recent volatility.

At the same time, investors should recognize that corporate support does not eliminate market risk. Strategy's ability to support STRC depends on its liquidity, access to capital and overall financial position. Bitcoin volatility could also continue to influence investor sentiment toward the company's securities.

The situation becomes particularly important if Bitcoin enters a prolonged downturn. In such an environment, Strategy could face competing demands for its available resources, including maintaining preferred dividends, supporting its securities, managing debt and preserving its Bitcoin treasury. Among the concrete data points investors can track are Strategy's disclosures on how much STRC it has actually repurchased, its preferred dividend declarations and any new securities the company brings to market.

Strategy's Bitcoin Model Enters a New Phase

Strategy's approach to STRC illustrates how far the company has evolved from simply being a business that holds Bitcoin. It is now operating a sophisticated capital structure involving common stock, preferred securities, debt and one of the world's largest corporate Bitcoin treasuries.

Saylor's willingness to defend STRC near $100 demonstrates the importance the company places on maintaining investor confidence in that structure. Whether the strategy ultimately succeeds will depend on market demand, Bitcoin performance, liquidity and Strategy's ability to continue accessing capital at attractive terms.

For now, the message from Saylor is clear: Strategy intends to use its available resources if necessary to support STRC and keep the preferred stock close to its $100 par value. That commitment could become one of the most closely watched elements of Strategy's financial strategy as the company continues balancing its Bitcoin ambitions with the demands of its expanding preferred-stock ecosystem.