MicroStrategy STRC falls toward $90 as Bitcoin dips

MicroStrategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, ticker STRC, fell toward $90 this week as Bitcoin slipped below $63,000. STRC closed at $94.65 on June 3 after Bitcoin dropped to about $62,000 and liquidations exceeded $1.6 billion; by June 8 the preferred traded around $93 after an intraday low near $90.

STRC pays an 11.5% annual dividend, unchanged for four months, and is structured to trade near its $100 par value. The preferred’s variable rate resets to attract buyers when the share price falls below par. MicroStrategy issues new STRC mainly when the stock trades at or above $100 and has paused issuance when the discount widened.

So far this year STRC helped fund roughly 77,000 Bitcoin purchases. MicroStrategy reported holding 845,256 BTC as of June 9 and keeping about $1 billion in cash set aside for dividend payments and debt service.

Shareholders approved a change to semi-monthly dividend payments this week. MicroStrategy stated the new cadence will let dividends be covered by operating cash and speed reinvestment of proceeds. The company set a June 30 record date for the schedule and listed the first semi-monthly payment for July 15.

Technical analyst Michaël van de Poppe wrote on X that Bitcoin stalled beneath $65,000 and that a clean break above that level could open a rapid move toward $72,000–$74,000. Economist Peter Schiff argued the preferred’s discount reflects its financing model rather than short-term Bitcoin moves, writing, “STRC may not go back to par unless MSTR raises the dividend. That may not happen.”

Investors will see how the new dividend cadence and Bitcoin price interact at month end. The preferred’s trading has tracked major Bitcoin swings this year, and decisions on issuance and dividend policy will affect how MicroStrategy uses STRC to finance further Bitcoin purchases.