The short version
- STRC stock touched $100.00 on Wednesday, November 4, for the first time since May 14, and closed at $99.98: $100 is the price below which Strategy says it won’t sell new STRC.
- Strategy has $17.51 billion of STRC left to sell, about 217,000 BTC at today’s price, after selling none since June and spending $2.25 billion buying STRC back to get it here.
- Next: Strategy’s weekly 8-K on Monday, November 9, around 13:00 UTC; any STRC sales in it mean the tap is open again. We’ll post the numbers on Base Camp on X when it lands.
“Our current policy is also not to issue STRC Stock at prices below its $100 stated amount per share.” That one line in Strategy’s quarterly report explains why a preferred stock moving two cents matters to Bitcoin traders.
On Wednesday, STRC stock touched $100.00 for the first time since May 14. It closed the regular session at $99.98. For almost six months, one of Strategy’s two big money pipes sat behind that line, and it now has $17.51 billion of STRC left to sell. So is the tap back on?
Wu Blockchain flagged the Strategy STRC move on Wednesday evening:
Strategy’s STRC Touches $100 for First Time Since May, Potentially Reopening Bitcoin Funding
Strategy’s perpetual preferred stock STRC briefly touched $100 on November 4 for the first time since May, reaching the minimum price at which the company currently intends to issue new
Why Does STRC Stock at $100 Matter for Bitcoin?
Because $100 is the price Strategy has said it won’t sell below, and STRC sales brought in nearly half the money Strategy raised in the first half of 2026. STRC, or Stretch, is a perpetual preferred stock: no maturity date, a variable dividend of 12% a year on its $100 face value, now paid daily.
Strategy sells it through an at-the-market (ATM) program, a standing permission to sell shares into the market a little at a time. In the first half of 2026, the STRC ATM sold 75.3 million shares for $7.52 billion after fees. In the third quarter it sold none, and the November 2 weekly filing showed none again. The reason is on the chart: once STRC fell under $100, the policy shut the door.
That leaves a lot of unused room. As of September 30, the 10-Q lists $17.51 billion of STRC still available to sell, more than every other preferred program combined. Common stock has $18.84 billion of room, but every MSTR share sold dilutes the existing holders.
Sponsored · Affiliate link
Save 20% on fees trading on WEEX
Base Camp may earn a commission if you sign up. It never affects what we write.
How Strategy Got STRC Back to Par
It bought its way back. When Bitcoin slid in June, STRC went with it, from $100 in mid-May to an intraday low of $71.25 on June 26. That was a 28.75% drop in a product sold as steady income.
Strategy then turned buyer of its own paper. From July to November 1 it bought back about 23.1 million STRC shares for $2.25 billion, money that could have gone into Bitcoin. Every share it retires is one it no longer pays $12 a year on.
Michael Saylor’s update on Monday put the latest week right next to the Bitcoin buy. The STRC buyback was more than three times the size:
Strategy has acquired 811 $BTC and repurchased $208M of $STRC. As of 11/1/26, we hold 849,327 BTC and $4.9B of USD Assets. $MSTR strategy.com/press/strategy…
The switch to daily dividends on November 1 helped too. Holders now get about 3 cents a share a day instead of a bigger payment twice a month, so STRC no longer drops a big chunk on each payday. Since then the STRC stock price has closed at $99.28, $99.93 and $99.98.
SIDE TRAIL: Strategy Buys Bitcoin Again: 811 BTC as It Spends $208M on STRC
What Could $17.5 Billion of STRC Buy?
About 217,000 BTC at today’s price. Bitcoin trades at $80,684 at the time of writing, and Strategy holds 849,327 BTC, so the full STRC program would be enough to take it past one million coins. That is the bull story you’ll see on X today.
The bill comes with it. At 12% a year, every $1 billion of new STRC adds $120 million a year in dividends. Selling the whole $17.51 billion would add about $2.1 billion a year, on top of the dividends Strategy already pays on its other preferreds. The company holds a $4.79 billion USD Reserve for those payments, but that reserve was down to $900 million in May, and it had to sell Bitcoin to refill it over the summer.
Nobody should expect $17.5 billion in a week, either, and the price of Bitcoin would move long before the last share was sold. Even in the first half, STRC closed at $100 on fewer than half the trading days. Big daily sales push a preferred under its face value fast, and then the door shuts again.
Will Strategy Start Selling STRC Again?
Not necessarily this week. Touching $100 for a few minutes isn’t the same as trading there, and Strategy has spent four months and $2.25 billion buying STRC at an average of about $97.50. Selling new shares at $100 while buying old ones just under it would make little sense, so the first sign of a restart is likely the buybacks stopping.
The dividend is the other clue. Strategy said it won’t recommend a change from the 12% rate “until STRC Stock demonstrates sustained trading at or near its $100 stated amount.” If STRC holds the line, a lower rate becomes possible. That would make new STRC cheaper to issue and the Bitcoin math easier, though it also makes STRC less attractive to the income buyers who pushed it back to par.
MSTR holders have their own reason to care. Strategy paid for last week’s 811 BTC by selling 1.18 million new MSTR shares. STRC money doesn’t dilute common shareholders the same way, and MSTR closed Wednesday at $142.54, up 5.1% on the day.
TRAIL MAP: Strategy Break-Even Price: Bitcoin Sits Just 6.8% Above $75,446
STRC Stock Price: Can It Hold $100?
STRC sits at $99.98, above its 50-day moving average at $98.75 and its 200-day at $96.65. Both averages are rising, and the 50-day crossed back above the 200-day in October. The last time it slipped under $100, on May 15, the slide that followed lasted six weeks and cost nearly $29 a share.
The answer will be in one line of Strategy’s next 8-K, due Monday, November 9, around 13:00 UTC (8:00 a.m. in New York): the STRC row under ATM sales. A number there means the tap is open again.
VikingXBT has been trading crypto since 2017. The focus is futures, onchain data and automation. Onchain flows get checked before a chart is trusted, and anything repetitive gets automated. VikingXBT built Base Camp's own onchain scanner, which flags bundlers, snipers, dev holdings and wallet clusters in one view, and backtests strategies before trading them.
More from VikingXBT
