STRC Discount Widens as Strategy’s Bitcoin Loss Hits $12.55B
STRC trades at $82.20 as Strategy’s 847,363 BTC holdings sit $12.55 billion underwater after bitcoin fell below $60,000 on June 24, 2026.
On June 24, 2026, Strategy’s preferred stock STRC traded at $82.20 after bitcoin hit an intraday low of $59,500. The company’s 847,363 BTC holding was $12.55 billion underwater at that price.
Strategy acquired the 847,363 BTC for $64.1 billion at an average cost of $75,651 per coin. At the June 24 price the holdings were valued at about $51.55 billion.
STRC has a stated par value of $100 per share. Trading below par raised the effective dividend yield from the stated 11.5% to about 13.99%.
The company continued buying bitcoin despite the paper loss, adding 520 BTC the week of June 24 after purchasing 1,587 BTC the prior week. Bitcoin is down roughly 51% from its October 2025 peak above $126,000 and down more than 42% over the past 12 months, with over 30% of that decline in the past six months.
Strategy’s common stock, MSTR, fell 78.37% since July 16, 2025, when it traded at $455.90, and was near $98.59 on June 24, 2026. MSTR has been used as a leveraged, high-beta proxy for bitcoin. The company issued billions of dollars in new common shares through at-the-market programs to fund additional bitcoin purchases; such issuances dilute existing holders.
Trading below par increases the effective yield on STRC and raises the firm’s cost of raising preferred capital. Continued discounts on STRC change the economics of preferred funding for the treasury strategy.
Spot bitcoin exchange-traded products such as the iShares Bitcoin Trust (IBIT) hold actual bitcoin and allow share creation through arbitrage mechanisms. Those products are unlevered and designed to track spot bitcoin minus fees.
Michael Saylor and other executives described the firm as ‘not facing immediate danger’ while the company continued adding to its bitcoin treasury and raising capital through share issuance.
With an average purchase price of $75,651 per coin, every week bitcoin trades below that level the treasury’s unrealized loss persists and the company continues to manage funding through equity and preferred issuance.
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