After about $2 billion in buybacks, STRC reached the price at which Strategy could sell new shares to help finance Bitcoin purchases.
Strategy's STRC preferred stock briefly returned to $100 on Nov. 4, potentially restoring a funding channel for Bitcoin purchases after months of cash-consuming share buybacks.
The company announced on Nov. 4 that its STRC security had reached $100, prompting executive chairman Michael Saylor to declare:
The recovery followed about $2 billion in share repurchases since July, as Strategy sought to support the preferred stock after its prolonged decline below its $100 stated value.
Independent tracker STRC.live reported that the security touched $100 before retreating to close at $99.97. It also estimated that renewed at-the-market (ATM) activity may have financed the purchase of approximately 191 BTC on Wednesday.
The $100 threshold matters because Strategy’s current policy is not to issue STRC below that level. Its Nov. 2 disclosure listed about $18 billion of STRC available for issuance and sale as of Nov. 1. New sales could help finance Bitcoin purchases without issuing additional common stock.
However, months of below-par trading constrained that approach, forcing Strategy to shift from raising capital through STRC to repurchasing the security at a discount.
STRC's rebound followed a significant change to its dividend structure, with Strategy introducing daily distributions from Nov. 1 to improve the security's price stability and appeal to income-seeking investors.
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