May 14: STRC closed at $100 heading into its monthly ex-dividend date, while bitcoin traded above $80,000
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Below the surface, though, the situation was messier.
Key facts
- May 14: STRC closed at $100 heading into its monthly ex-dividend date, while bitcoin traded above $80,000
- Nevertheless, the company's common stock (MSTR) dropped 5.9% and bitcoin fell to as low as $70,500 before closing at $71,286
- June 18: STRC fell below $83 intraday, closing at $88.59 as the U.S. headed into a holiday weekend with no equity trading on Friday
- June 5: Bitcoin fell below $60,000 for the first time since October 2024, closing around $61,000, data
Summary
Strategy's preferred stock STRC, designed to hold a price of $100, on Thursday dropped to a low of $83. Several events led up to the slide, including a buyback of convertible notes at an 8% discount and rival Strive saying it would start paying a daily dividend on its SATA equivalent. The decline was also driven by a combination of falling bitcoin prices, reduced liquidity buffers and weakening investor confidence. STRC, the dividend-paying preferred equity issued by bitcoin treasury company Strategy (MSTR), is designed to hold a price of $100, its par value. On Thursday, the stock price dropped below $83, some 17% below the target and the lowest since it debuted in July 2025.