Michael Saylor’s Strategy saw its STRC preferred stock trade at $99.89, up 0.22%, and the stock has stayed near this level long enough that, if current conditions continue, STRC could press against $100 for the next nine trading days.
The last time STRC traded at par was in early November, when it stayed there for about four trading days and led to roughly $100 million in market sales, according to the data on the company’s website.
Strategy’s preferred stock structure adds Bitcoin without upfront dilution
Between December 29 and December 31st, Strategy bought 1,287 BTC, pushing its total Bitcoin reserve to ₿673,783, while its USD reserve rose by $62 million, reaching $2.25 billion. The activity came as STRC showed a variable dividend of 11.00%, an effective yield of 11.01%, and a 30-day historical volatility of 12%.
Under Strategy’s current structure, Saylor can sell STRC with an 11% yield and use the proceeds to buy Bitcoin.
A $100,000 STRC sale would fund the purchase of 1 BTC at $100,000, creating an annual dividend obligation of $11,000, according to data on the company’s website.
If Bitcoin somehow hits $1 million five years from now, Strategy would still owe the same annual dividend payments worth $55,000, while the Bitcoin holding would be worth $1 million. That leaves a $900,000 capital gain, reduced by dividends paid, for a net gain of $845,000 tied to that position.
According to Strategy, the $55,000 in dilution tied to dividend payments is small compared with the $845,000 gain tied to the Bitcoin holding. The model depends on Bitcoin outperforming the 11% dividend rate, with no change to the dividend size as the asset value grows.
Capital activity details show common stock sales and unused capacity
Trading data shows STRC carrying a notional value of $2,958.7 million, with a 30-day average trading volume of $51.3 million, down 2.16%.
The next record date is January 15, and the next payout date is January 31, but STRC also carries a BTC rating of 6.2x.
During December 29 to December 31st, no STRC, STRF, STRK, or STRD preferred shares were sold, with available issuance at $4,042.4 million for STRC, $1,619.3 million for STRF, $20,335.0 million for STRK, and $4,014.8 million for STRD.
During that same week, 1,255,911 shares of MSTR Class A common stock were sold, generating $195.9 million in net proceeds and leaving $11,502.8 million available for future issuance.
From January 1 to January 4, 2026, Strategy said 735,000 MSTR Class A shares were sold, raising $116.3 million, as remaining availability for common stock issuance stood at $11,386.3 million.
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