The connection between Strategy and Bitcoin is significantly increasing. The data show that the 90-day coefficient of the securities to bitcoin has risen to close to 0.70, the highest since its launch in July 2025, when some investors were seen as a tool to balance returns with relative stability, and are now easier to synchronize with bitcoin.

Weakly synchronized this month.

After June, both movements weakened. The cumulative decline of STRC this month was about 23 per cent, to around $76; bitcoin fell close to 20 per cent over the same period, and the price fell back below $60,000. Relevance has increased since the beginning of this month, reflecting the increasing convergence of market pricing for both types of assets during the downturn.

This change has weakened the original attractiveness of STRC for investors wishing to obtain cash gains through Strategy-related securities while reducing the impact of price fluctuations in bitcoin. With increased connectivity, holding the market risk of STRC is becoming closer to being exposed to price fluctuations in bitcoin.

Declined face value weakens financing function

The design of STRC itself carries a distinct dual attribute of “proceeds + finance”. The product, with a nominal value of $100, pays monthly cash dividends at floating interest rates at a current annualized rate of approximately 11.5 per cent. The Board adjusts interest rates on a monthly basis in order to promote stock prices as close to face value as possible.

When STRC prices are above $100, Strategy can raise funds through a new market share and use the proceeds to continue buying bitcoin. At present, however, STRC has been trading for long periods of time below face value, which means that the efficiency of this financing channel has been significantly reduced. The greater the discount, the more difficult it will be for companies to scale up their distribution through the tool at low cost.

  • The current price of STRC is approximately $76.
  • Product face value is $100
  • Current annualized dividends are about 11.5%.

Bitcoin Treasury Policy Pressure

Strategy is still one of the most publicly listed companies in the world with bitcoin. According to BitcoinTreasurys.net, the company holds 847,363 bitcoins, with a median calibre value of approximately $50.4 billion. STRC was originally seen as one of the tools to support its continued expansion of the Bitcoin holdout, but this role is diminishing after continued price discounts.

The article mentions that Strategy has recently been selling bitcoin on a small scale to cover dividends obligations. This contrasts with its long-held “no-sale” position and allows the market to begin to focus on the possibility of its capital structure. If STRC continues to be depressed, companies may be more dependent on existing reserves rather than continuing to expand bitcoin holding through new financing.

Market perceptions of subsequent trends are not uniform. Some observers believe that the current substantial discount may provide a space for a return to the face value of income-seeking funds, while others fear that, if vulnerability persists, STRC may not only be difficult to restore its financing function, but may also weaken the positive feedback that Strategy used to rely on capital markets to support the increase in Bitcoin.