strc

Bitcoin Treasuries.NET posted on platform X that VanEck's Preferred Securities ex-Financials ETF PFXF, managing $237 billion in assets, has increased its holdings in Strategy Stretch STRC to 2.42 million shares, valued at $209 million, accounting for over 8.75% of the ETF's net assets, which belong to digital credit assets.

Strategy MSTR CEO Phong Le stated that the plan is to bring STRC back to par value and restore Bitcoin holdings. Strategy will continue to increase its dollar reserves, as this has a dilutive effect on its per-share Bitcoin.Phong Le also mentioned that retaining 2 to 3 years of dividends in dollar reserves is an important part of its capital plan, in order to issue more preferred shares in the future.

According to The Block, Standard Chartered stated that it maintains its price prediction of Bitcoin reaching $100,000 by the end of 2026. The recent market decline triggered by movements related to Strategy (formerly MicroStrategy) is not due to a deterioration of the company's balance sheet, but rather a failure of the strategic adjustments to be fully understood by the market.Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered, pointed out in a report that Strategy's recent behavior is disrupting short-term market expectations for Bitcoin. The market had previously accepted the narrative of the company "never selling Bitcoin," but now Strategy seems to be shifting towards a more complex capital operation model. Whether this change can be clearly communicated will determine when market pressure eases.Currently, Strategy holds 843,775 Bitcoins, accounting for over 4% of the total supply of 21 million Bitcoins. Between 2020 and mid-2025, Strategy's mNAV (market value/Bitcoin asset value) has remained above 1, allowing the company to finance Bitcoin purchases through stock issuance and achieve shareholder value growth.The commitment to "never sell Bitcoin" is the core of this model gaining market recognition. However, as the current mNAV approaches 1, the leverage effect of this financing model is weakening. Kendrick believes that Strategy is transitioning from a "Bitcoin accumulation tool" to a "Bitcoin credit support tool," meaning it holds Bitcoin as the credit basis for its perpetual preferred stock STRC.STRC currently has a scale of about $10 billion, making it the largest financial instrument launched by Strategy, with an annualized dividend yield of 12%, paid in cash every half month, and its price maintained around the $100 par value through an interest rate adjustment mechanism. Standard Chartered stated that STRC is currently trading at about $90, while Strategy has a dollar reserve of about $2.55 billion for paying dividends, which can cover approximately 17.4 months of dividend expenses.Kendrick stated that the policy adjustment allowing the sale of Bitcoin does not necessarily mean the company will continue to sell. He believes that as long as the market believes the new capital structure arrangement can stabilize the STRC price, Strategy may not actually need to sell Bitcoin. He likened this mechanism to a central bank's commitment to "take action no matter what": restoring market confidence alone may mean that actual intervention might not occur at all.

On June 29, Strategy raised the annual dividend of STRC to 12% and authorized a $1 billion buyback plan, covering four preferred securities: STRC, STRF, STRD, and STRK, with STRC being the initial preferred buyback target.Strategy disclosed that the buyback funds would not come from its approximately $2.55 billion reserves, but may come from the $1.25 billion Bitcoin monetization plan approved during the same period. STRC traded this week at a high of $80, dipping below $85 on some trading days, below the long-term trading target of $99 to $100 set by Strategy. Peter Schiff stated that the price of STRC below $87 indicates that Wall Street is questioning the growth rate of Bitcoin.

Bitcoin Treasuries.NET posted on platform X that Michael Saylor of Strategy stated that if Bitcoin's long-term increase exceeds 3.3%, BTC capital gains can indefinitely fund STRC dividends. Even if BTC's annual increase is 0%, Strategy still has 31 years of dividend funding.

Grayscale Research stated that Strategy sold a portion of Bitcoin last week, which may help reduce financing risks and provide support for Bitcoin price stability.The sale of approximately $216 million increased its dollar reserves, which is expected to cover about 17 months of dividend payment needs. Meanwhile, the STRC price rebounded, indicating that investors reacted positively to this decision.

Strategy Investor Relations Director Chaitanya Jain stated that STRC is gradually recovering after a brief fluctuation.He mentioned that the company's goal is to maintain STRC's long-term trading price in the range of $99 to $100, and it will support this through variable dividend rates, continuous increases in dollar reserves, improving Bitcoin ratings, removing convertible bonds, implementing stock buybacks, and functional upgrades.

Bitwise Chief Investment Officer Matt Hougan published an analysis of the volatility of STRC under Strategy (MSTR). He believes that Strategy currently holds approximately $49.6 billion in Bitcoin and $2.6 billion in cash, with asset size far exceeding debt and preferred stock obligations, posing no liquidation risk. The company's newly launched digital credit capital framework allows it to flexibly sell Bitcoin to pay dividends based on market conditions, no longer forcing the maintenance of STRC at a par value of $100.Hougan emphasized that Strategy has been the world's largest Bitcoin buyer and a source of one-way demand over the past few years, but this situation is likely coming to an end. In the future, Strategy will flexibly buy or sell Bitcoin based on market conditions, but will not become a large-scale seller (with limited mandatory sales each year). If Bitcoin prices rebound, it may still become a net buyer. Overall, the importance of Strategy in the next cycle will be lower than in the previous cycle.He believes that the volatility of STRC reflects the process of deleveraging in the market, which is a typical characteristic at the end of a bull market. As these mismatched funds are squeezed out, the market bottom is forming, and a new bull market is expected to begin this fall.

Bitget VIP Research stated in this week's report that the current market price of STRC is $75 (a discount of 25%), corresponding to a yield of approximately 16%. The Bitget USDT financing rate is 2.56%, with a spread of about 13 percentage points, and the annualized net yield of 1x revolving loan reaches 28.1%. Bitget Reality supports the full process of rSTRC same-account revolving loans without the need for cross-platform operations, with unified risk control and real-time monitoring of LTV.On Monday during U.S. stock market hours, Strategy (MSTR) announced that it would raise the annual dividend yield of STRC to 12% (effective from July 1) and establish two repurchase plans of $1 billion each (with STRC as a priority repurchase target), authorizing the sale of up to $1.25 billion in BTC to ensure priority payment of preferred stock dividends; as of June 28, the company held a total of 847,363 BTC and had a cash reserve balance of $2.55 billion. June 30 is the ex-dividend date, and holding rSTRC will entitle holders to the current dividend (of $0.48 per share, payable on July 15).

Strive CEO Matt Cole posted on the X platform that Strive's balance sheet currently holds 19,864 BTC, $141.7 million in cash, and $37.7 million worth of STRC.This week, no BTC was purchased; Strive's balance sheet has sufficient reserves, with no debt, no margin, and no restricted BTC.

According to the 8-K document submitted to the SEC by Strategy, the company announced the launch of a digital credit capital framework, which includes five core components: dollar reserve policy, adjustment of STRC dividend policy, preferred stock repurchase plan, common stock repurchase plan, and BTC monetization plan.Under the dollar reserve policy, the reserve can only be used to pay preferred stock dividends and debt interest, and management must maintain a reserve sufficient to cover expected dividends and interest expenses for at least the next 12 months. As of June 28, the dollar reserve balance was $2.55 billion.Regarding the STRC dividend, the company will dynamically assess the dividend rate on a monthly basis, considering factors such as trading price, market yield, credit spread, and Bitcoin price volatility, and will not increase the dividend solely because the STRC trading price is below par value. The company also announced an increase in the annualized dividend rate for STRC to 12% from the previous level, effective July 1.In terms of the repurchase plan, the company has established two repurchase authorizations of $1 billion each, to repurchase preferred stocks such as STRC, STRF, STRD, STRK, and Class A common stock, with STRC being the primary target of the preferred stock repurchase plan. Neither of the repurchase plans will utilize dollar reserve funds.In addition, the company's board of directors has authorized the BTC monetization plan, allowing the company to raise up to $1.25 billion by selling Bitcoin, to supplement the dollar reserve, pay preferred stock dividends and interest expenses, or fund the aforementioned repurchase plans.

According to the official announcement, Bitget has launched the STRC (Strategy Variable Rate Perpetual Preferred Stock) perpetual contract. This contract is settled in USDT and supports up to 20 times leverage.

According to CoinDesk, the 90-day correlation coefficient between Strategy perpetual preferred stock STRC and Bitcoin has risen to nearly 0.70, the highest level since its launch in July 2025, diminishing its appeal as a relatively stable income tool.This month, STRC has cumulatively fallen 23% to $76, far below its par value of $100; Bitcoin has dropped nearly 20% during the same period to below $60,000. STRC currently has an annualized dividend yield of 11.5%, and its trading below par value limits Strategy's ability to raise funds through additional issuance to purchase Bitcoin.

According to The Block, Strategy's perpetual preferred stock STRC fell to a historic low of $74 on Thursday, a 26% discount from its par value of $100, and then slightly rebounded to $75.69; MSTR dropped below $87, the lowest since February 2024, with a decline of over 50% in the past month. STRC is the main financing tool for Strategy's recent Bitcoin accumulation. Strive's perpetual preferred stock SATA fell to nearly $84, approaching a historic low on Thursday.

In response to market concerns about whether it is the next LUNA, Arkham analysis indicates that STRC is a perpetual preferred stock with a dividend yield of 11.5%, requiring approximately $1.2 billion in payments annually. The strategy reserves $1.4 billion, but there is no legal obligation to prioritize dividend payments.However, Arkham also pointed out that the decline in stock price reflects market worries about Saylor's ability to continue paying dividends and raising funds. This will not directly collapse the company but may have a long-term impact on investor confidence and financing.According to market data, after the U.S. stock market opened tonight, STRC briefly fell to $73 and is currently reported at $76.2 (25% below the $100 par value).

Jiang Zhuoer, the founder of the Liebit mining pool, stated that the current mNAV of Strategy has fallen to 0.72, close to the low of 0.7 set during the last bear market in May 2022. Based on recent market sentiment events such as the decoupling of STRC, it is judged that we are currently in the bottom area of the mNAV for this cycle. mNAV often leads BTC prices to bottom out by about 6 months, and based on the "four-year cycle" and the decreasing volatility model, this round of Bitcoin bear market may bottom out between October and December 2026, with a target price range of $42,000 to $44,000. Jiang Zhuoer indicated that his recent short-term strategy remains focused on selling spot and shorting, and will switch to buying spot and going long once the expected bottom arrives.

According to Cointelegraph, Bitcoin has dropped about 40% since Strategy launched the Bitcoin financing tool STRC. STRC has fallen below the $100 par value, sparking discussions in the market about the sustainability of Michael Saylor's Bitcoin "flywheel" model. Strategy currently holds over 846,000 BTC, but the recent buying pace has noticeably slowed. Data shows that the company increased its holdings by 1,550 BTC worth approximately $101 million in the week ending June 8; in the week ending June 15, it added another 1,587 BTC worth about $100 million. In contrast, in April 2026, it bought 34,164 BTC in a single week, amounting to $2.54 billion, indicating a significant decrease in recent capital inflows.Meanwhile, Strategy previously sold 32 BTC to meet dividend obligations. Although this amount is small compared to its overall holdings, the market believes this indicates that when STRC's financing efficiency declines, the company's cash flow pressure may increase. STRC was originally designed as a preferred stock tool trading close to the $100 par value, attracting investors through dividend adjustments and helping Strategy raise funds to purchase Bitcoin. Currently, the STRC price has fallen to a historical low, having once dropped to $82.53, and then closed at $88.59, about 13% below par value. Critics argue that the STRC price falling below par value means that Strategy's financing channels are under pressure.Long-time Bitcoin critic Peter Schiff described STRC as "like a typical centralized Ponzi structure," believing that the model relies on continuous financing or selling Bitcoin to maintain operations. Crypto trader DonAlt also questioned STRC's recent performance, stating that its trading behavior resembles a "Ponzi structure." However, some analysts believe that the decline in STRC is more due to leveraged liquidations rather than a deterioration in Strategy's fundamentals. STRC had previously maintained a price around $99 to $100, attracting investors to use leveraged trading, and the price falling below this critical level triggered forced liquidations, exacerbating the decline.Analyst Scott Melker pointed out that STRC's current yield has actually increased due to the discount. Since dividends are calculated based on a $100 liquidation preference, if the STRC price is $90, the 11.5% annualized dividend corresponds to an actual yield of about 12.8%; if the price drops to $85, the yield could exceed 13%. Strategy is expected to announce the next STRC dividend adjustment on June 30. The market is currently focused on whether STRC's discount will persist and whether Strategy's model of relying on capital markets for financing to continue increasing BTC holdings can remain stable.