Strategy's STRC preferred stock hits record low below par, halting bitcoin funding channel

Strategy's STRC preferred stock fell to $89, below its $100 par value, forcing the company to pause the share-sale program it uses to raise cash for bitcoin purchases. The stock's dividends already forced Strategy's first-ever bitcoin sale this month.

• STRC closed at $89, about 11% below its $100 par value, a record low since its July 2025 launch
• Strategy has paused its at-the-market share issuance program, removing a key bitcoin funding channel
• The company sold 32 BTC in late May to fund STRC dividends, its first bitcoin sale since 2022
• Strategy still holds ~846,842 bitcoin (4% of total supply), making it the largest corporate holder

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