Strategy's STRC preferred shares have climbed back to about $94, more than 30% above their late-June low near $71, as the company works to support the security with repurchases and cash. The move has put the shares within sight of their $100 stated value, although they remain below it. CoinDesk's account of the market move said STRC gained another 1% on Wednesday.
The recovery is happening alongside a less familiar balance-sheet decision. Strategy sold 5,226 bitcoin for about $321 million across three transactions, reducing its reported holdings from 847,363 BTC to roughly 842,137 BTC. It also repurchased about $106 million of STRC and kept the preferred stock's annualized dividend rate at 12%.
A different way to support STRC
Strategy added $250 million to its U.S. dollar reserve on Monday, bringing the total to $4 billion. The company said that amount covers about 2.3 years of dividend obligations on its preferred securities. That reserve gives the business a source of cash for distributions without requiring it to sell bitcoin every time the asset's price weakens.
The trade-off is visible in the numbers: Strategy is still the largest corporate bitcoin holder, but this sequence reduces its coin balance while directing capital toward the preferred-stock market. STRC's yield may attract income-focused buyers, yet the shares also carry the risk of trading below their stated value when investors doubt the coverage or the company's ability to keep raising capital.
The 70-day comparison
Strategy told investors that after STRC's initial public offering, the shares took 70 trading days to reach par after trading around $90 in July 2025. Applying that history to the current recovery would point to roughly Sept. 8 as a possible return-to-par date from the late-May decline, though that is a comparison, not a company forecast.
Bitcoin's steadier price has helped. The asset has held above $60,000 for several weeks, reducing the immediate pressure on a balance sheet whose bitcoin holdings remain the core source of market value. A stable coin price does not remove the financing risk, but it gives buyers more time to judge whether STRC's dividend and reserve policy can hold through a weaker market.
What investors will watch next
The next evidence will be whether STRC can stay close to $100 without increasingly expensive support, and whether the reserve remains large after dividends and other corporate needs. Investors will also track fresh bitcoin sales, common-stock issuance and any change in the 12% dividend rate.
For now, the rebound shows that a preferred security can recover even as the issuer trims bitcoin exposure. It does not settle the larger question of how much leverage or market confidence Strategy needs to maintain its broader capital structure.
