Strategy’s perpetual preferred stock STRC has continued to recover, with the shares rebounding more than 30% from their June low as Bitcoin stabilized, the company kept buying back stock, and its U.S. dollar cash reserves grew.
STRC, the perpetual preferred stock Stretch issued by Strategy (NASDAQ: MSTR), was trading at about $94 and rose another 1% intraday on Wednesday.
STRC has risen more than 30% from its low
In late June, when Bitcoin briefly fell below $60,000, STRC also dropped and touched $71. As market sentiment improved, the preferred stock recovered more than 30% from that low.
Strategy sold Bitcoin three times and raised $321 million
Since June, Strategy has carried out three separate Bitcoin sales, disposing of a total of 5,226 BTC and raising $321 million in cash. Its Bitcoin holdings fell from 847,363 BTC to about 842,137 BTC.
Strategy said the sales were intended to show the market that it can actively use Bitcoin to support dividend payments, rather than simply hold the asset as long-term idle inventory.
Buybacks and a larger cash position
Alongside the Bitcoin sales, Strategy has also been supporting STRC through repurchases. The company has bought back about $106 million worth of STRC so far, with the goal of pushing the stock gradually back toward its $100 par value.
On Monday, Strategy added another $250 million to its cash reserves, lifting its total cash position to $4 billion. The company said that level is enough to cover about 2.3 years of dividend payments on its preferred shares. STRC’s annualized dividend rate remains unchanged at 12%.
Bitcoin price stability has helped support the stock
Beyond the balance-sheet adjustments, Bitcoin’s steadier price action has also helped improve confidence. Bitcoin has held above $60,000 for several consecutive weeks. It has not returned to a strong upward run, but it has moved away from the earlier decline that had weighed on STRC.
Strategy says STRC could return to $100 on Sept. 8
During its second-quarter earnings call, Strategy said that after STRC’s initial public offering, the stock had fallen to around $90 in July 2025 and then took 70 trading days to return to its $100 par value.
Using late May of this year as the point when STRC moved out of its target price range, and applying the same time span, Strategy said the stock could return to $100 on Sept. 8.
The company also said that estimate is based only on historical trading patterns. The eventual share price, it said, will still depend on market performance and investor sentiment.