MicroStrategy’s STRC Back at Par, Could Fund 3,172 BTC

MicroStrategy’s preferred stock STRC returned to its $100 par value on Wednesday, restoring the company’s ability to issue preferred shares and raise capital for Bitcoin purchases. STRC traded near $100.01 when the par level was reclaimed.

Estimates from STRC.LIVE indicate the preferred-share program has generated enough buying power for MicroStrategy to acquire about 3,172 bitcoins over the coming days. That quantity is roughly 235% of the newly mined Bitcoin supply expected during the same period.

When STRC trades at or above par, MicroStrategy can sell preferred shares more aggressively and direct the proceeds into Bitcoin purchases. Since February, the company has added about 101,700 BTC, bringing its holdings to nearly 819,000 BTC as of May 11, up from roughly 717,000 BTC in mid-February. Bitcoin’s price rose more than 40% over that span.

Market analyst Pio Vincenzo estimated STRC has raised $5.58 billion year-to-date and projected MicroStrategy could raise another $20 billion by year-end. MicroStrategy’s CEO Phong Le has indicated the company would sell Bitcoin only under specific circumstances.

Separately, a fractal analysis by analyst MikybullCrypto shows the combined market dominance of Tether’s USDT and Circle’s USDC approaching a resistance zone near 10%–11%. Stablecoin dominance measures the share of the crypto market held in digital dollars; declines in that metric historically coincide with capital moving back into Bitcoin and other crypto assets.

MikybullCrypto’s review of past cycles found stablecoin dominance fell about 70% from 2022 to 2024 while Bitcoin rose about 600%, and that a 54% drop in stablecoin dominance in 2021 coincided with a roughly 525% gain in Bitcoin. Across those periods, the average change was a 61.3% drop in stablecoin dominance and a near 560% rise in Bitcoin.

Technical indicators show Bitcoin facing resistance near its 200-day exponential moving average, around $82,000. Failure to clear that level would increase the likelihood of near-term selling pressure, and some chart patterns point to a possible decline below $70,000 by June if momentum weakens.

MicroStrategy’s preferred-share funding mechanism has been used to accelerate Bitcoin purchases when STRC trades at or above par. Market participants will watch MicroStrategy’s potential share sales and stablecoin liquidity measures for signals on short-term price direction.