Strategy Inc.’s perpetual preferred stock STRC has seen its 90-day correlation with Bitcoin rise to nearly 0.70, the highest level since the instrument debuted in July 2025. The stock has fallen sharply alongside Bitcoin in recent weeks.
STRC has dropped 23% this month to $76 while Bitcoin has declined nearly 20% to below $60,000. The tightening link reduces the appeal of STRC as a steadier income vehicle for investors.
Strategy Inc. owns 847,363 BTC worth $50.4 billion. The company designed STRC as a variable-rate perpetual preferred stock with a $100 par value that pays monthly dividends at a current annualized rate of 11.5%.
The firm still holds enough U.S. dollar reserves to cover dividend obligations for nearly 10 months. However, STRC now trades at a 25% discount to its intended par value, limiting the company's ability to issue new shares on favorable terms.
Alexander Blume, CEO of Two Prime, said repeated changes in Strategy's plans have undermined trust among retail investors. "Saylor's repeated pivots and deviations from his stated plans, alongside poor performance of STRC and MSTR, have broken that trust," he said.
