Strategy’s STRC Preferred Stock Falls 25% Below $100 Target, Buyback Continues

That a preferred instrument explicitly designed to sit near $100 is trading a quarter below it, and has stopped raising capital, points to a structural break rather than a temporary wobble: the vehicle meant to fund further bitcoin accumulation is instead absorbing cash. The buyback may be steadying the price, but it also reverses the flow the structure was built on, which matters most for holders relying on that 12% payout and for the balance-sheet flexibility Strategy has leaned on. Whether the buyback loop can be sustained without fresh issuance is the open question.