Saylor Won't Budge: Strategy Sticks to $100 STRC Target With the Stock $13 Underwater

Michael Saylor is not blinking. The Strategy chairman reiterated the company's $99-to-$100 target for STRC, its Variable Rate Series A Perpetual Stretch Preferred Stock — even though the security trades around $87.46, a full $13 below the par value it was engineered to hug.

What Happened

STRC was designed to trade near $100 face value, with Strategy adjusting its dividend rate monthly to keep the price anchored. That anchor snapped in June: the preferred slid to $89 mid-month, then cratered to a record low of $71.25 before rebounding to current levels on the back of a new capital framework announcement from the company.

Saylor's renewed $100 call came as that rebound took hold. It's a notable doubling-down given he revealed in a June interview that he spent a few hours workshopping STRC's stable-priced monthly dividend structure with an AI before launching it.

Why It Matters

STRC isn't just another ticker — it's a load-bearing piece of Strategy's Bitcoin acquisition machine. With the preferred trading below its $100 par, Strategy has paused issuing new STRC shares through its at-the-market program, choking off one of its cheapest funding channels for adding to its BTC stack. Every dollar STRC sits below par is a dollar of doubt about whether the market believes the yield-anchoring design actually works under stress.

What's Next

The path back to par runs through the monthly dividend reset: Strategy can keep ratcheting the rate to lure buyers, but higher payouts mean pricier capital. If the new framework and Saylor's jawboning pull STRC back toward $100, the ATM reopens and the Bitcoin buying resumes. If it stalls in the high $80s, expect louder questions about the durability of the whole preferred-stock financing playbook. ☕₿