Strategy's priority share in the interest paid under the flag of STRC has recently collapsed by $83, about 17 per cent below the nominal value of $100, the lowest level since it was listed in July 2025. For this original high-yield, low-variant securities, the continued price deviation from the nominal value means that the company ' s ability to pay dividends through increased fund-raising in the field is under pressure.

Why the face value mechanism failed

STRC is designed to trade around $100 as much as possible. Only when prices are close to face value can Strategy issue supplementary funds more efficiently through ATM to cover 11.5 per cent of annual dividends.

Over the past few weeks, however, the price of bitcoin has continued to fall, and the overloading of corporate adjustments to debt and cash reserves has weakened market confidence in this structure. The CoinDesk combo timeline shows that the STRC drop is not the result of a single event, but of multiple pressures.

The pressure starts in mid-May.

On 14 May, the STRC collected close to $100 per month before the monthly cut-off date, when bitcoin remained above $80,000. On the face of it, prices remain stable, but the market has begun to fear that it will be able to hold face values only for a short period of time before and after interest-free days, making it difficult to operate steadily throughout the month.

On the same day, Strive Assembly Management indicated that the competing product SATA would receive daily interest. The SSATA yield rate is about 13%, higher than the STRC, which also puts more pressure on Strategy's plan to move from monthly to semi-monthly.

On May 15th, Strategy announced that it would buy back $1.5 billion in reversible debt due in 2029 at an 8% discount. The company subsequently confirmed that the portion of the transaction used the United States dollar cash reserve established at the end of 2025. By 26 May, this reserve had fallen to $871 million, covering only about six months of STRC dividends, while the company had previously aimed to maintain some 24 months of coverage.

Bitcoin dropping to magnify impact.

During the period of the restructuring of the capital, bitcoin was weak. On 18 May, Strategy continued to buy 24,869 BTCs, while bitcoin had slipped to $76,000. On 1 June, the company sold 32 more BTCs, the first of its kind since 2022.

This sale represents only 0.0038 per cent of its total hold, but the market sees it as a sign that the company is willing to sell bitcoin to meet its dividends obligations if necessary. On the same day, the MSTR general share fell by 5.9 per cent, bitcoin fell to $70,500 and STRC received 98.07.

On 5 June, for the first time since October 2024, Bitcoin fell by $60,000, reaching a minimum of $90 on the same day at 93.40. By 18 June, the STRC disk had further collapsed by $83, resulting in an inventory of 88.59 dollars; Bitcoin had rebounded briefly during the same period to approximately $62,880.

Fears of tarp losses and increased financing disputes

As of that time, Strategy held 846,842 BTCs at an average purchase cost of approximately US$ 75,656 per unit. The company ' s books were running a deficit of approximately $11.14 billion, calculated at approximately $62,500 in bitcoin.

At the same time, there has also been a clear rebound from the market in its two most recent rounds of financing, which has been perceived as posing a low pressure on the operation. The MSTR General Unit is currently reporting an estimated $112 or 80 per cent lower than the November 2024 high point.

The more difficult problem for Strategy is that both these financings and reserve adjustments take place at the lower end of Bitcoin. As the targeted assets weaken, investors not only re-evaluate the Bitcoin itself, but also the dividends and capital structures around it. The ability of STRC to return to a trading zone of close to $100 has become a focus of market attention.