Strategy’s STRC surges toward $90 as MSTR falls over 7%

Strategy Inc’s newest financial instrument is doing exactly what it was designed to do. STRC, the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, is climbing toward its $90 IPO price, while MSTR common shares are sliding more than 7% intraday. The preferred stock doing its job STRC has been trading between $88 and $89.50, showing steady upward momentum toward the $90 level. That $90 figure matters because it was the IPO price when the offering closed on July 29, 2025. The initial public offering raised approximately $2.521 billion in gross proceeds, with net proceeds landing around $2.474 billion. That makes it one of the largest US exchange-listed perpetual preferred offerings in recent memory. Strategy used those proceeds to buy 21,021 Bitcoin at an average price of approximately $117,256 per coin. The company essentially created a yield instrument, sold it to income-hungry investors, and immediately converted the cash into Bitcoin. STRC currently pays an annualized dividend rate of 12%, variable and adjusted monthly by the board. The target par value sits at $100, which means buyers at current levels are getting the stock at a discount while collecting a doub...