Strategy's Perpetual Preferred STRC Sees Correlation with Bitcoin Rise to 0.70, Discount to Par Undermines Fundraising Ability

According to CoinDesk, the 90-day correlation coefficient between Strategy's perpetual preferred stock STRC and Bitcoin has reached nearly 0.70, the highest since its launch in July 2025. This erodes STRC's appeal as a relatively stable yield instrument. STRC has fallen 23% this month to $76, well below its $100 par value, while Bitcoin dropped nearly 20% to below $60,000. The current annual dividend yield of 11.5% is offset by the discount to par, which limits Strategy's ability to raise capital through new STRC issuance to buy more Bitcoin. The heightened correlation and price decline signal increased risk premium demanded by the market.