--- title: "Strategy’s preferred stock STRC continues to trade under $90 as trading volume jumps" type: "News" locale: "en" url: "https://longbridge.com/en/news/290249283.md" description: "Strategy's preferred stock STRC traded below $90 for the longest period since its July 2025 IPO, closing at $88.59 on high volume of 10.7 million shares. TD Cowen maintained a Buy rating on Strategy (MSTR) and its preferred stocks, viewing the company as evolving into a scaled Bitcoin capital markets platform. Analysts note that near-term priorities include reserve rebuilding and preferred support over immediate BTC purchases, while the ATM program remains paused due to STRC trading under par." datetime: "2026-06-18T21:30:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290249283.md) - [en](https://longbridge.com/en/news/290249283.md) - [zh-HK](https://longbridge.com/zh-HK/news/290249283.md) generator: "portal-rs" --- # Strategy’s preferred stock STRC continues to trade under $90 as trading volume jumps Strategy’s preferred stock Stretch (STRC) continued to drift lower on Thursday, after locking in its lowest close to date on Wednesday. During intraday trading, the stock hit a low of $82.50 and closed the day at $88.59, according to Yahoo Finance. STRC, or the Variable Rate Series A Perpetual Stretch Preferred Stock, was designed to trade at $100 by offering a variable dividend, currently at 12.9%, and adjusted monthly. When above par, Strategy issues new shares to buy bitcoin. Thursday represents one of STRC's highest-volume days on record, with some 10.7 million shares exchanged, compared to the normal average daily volume of roughly 3.4–3.5 million shares, according to STRC.live. This also appears to be the longest STRC has traded below $90, the price at which it debuted during Strategy’s initial public offering in July 2025. TD Cowen published a Strategy research note on Thursday, maintaining a Buy rating on the company’s common stock, (MSTR), with a $400 price target, and on its suite of preferred stocks, including STRC. MSTR shares closed the day at $112.53, down 4%, according to The Block’s price page. The analysts frame Strategy as evolving from a simple leveraged bitcoin proxy into a scaled Bitcoin capital markets platform. "\[Strategy CFO Andrew Kang\] is emphasizing a more mature framework in which preferred dividend obligations, USD reserves, convert management, credit perception, ATM discipline and occasional BTC sales all sit underneath the same objective: maximize long-term BTC/share while preserving flexibility through market cycles," TD Cowen analysts wrote, citing three investor meetings with Kang. Near-term, the company may prioritize reserve rebuilding and preferred support over immediate bitcoin purchases when markets are less constructive, according to TD’s interpretation of Kang’s statements. With STRC under par, Strategy has paused the stock’s ATM program. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. 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