Strategy’s STRC Hits $100 Par for First Time Since May After Over $2 Billion in Buybacks

Strategy’s Stretch preferred stock touched $100 today for the first time since May, returning to the par value the company has spent over $2 billion in buybacks and five months of rate increases to defend.

STRC traded below $80 at times in June, a massive discount to its stated value. The climb back to $100 restores the price at which Strategy says it will resume issuing new shares, the mechanism that funds its bitcoin purchases. Chairman Michael Saylor had pledged to keep the stock at or above par and to hold the dividend at 12% until it got there.

Two changes landed in the past week. Shareholders approved daily dividends on STRC and three other preferreds on Oct. 28 by a 99.3% vote, removing the semi-monthly ex-dividend drops that had added volatility to the price. 

The first daily payment went out Monday. And Strategy’s Oct. 29 filing set the November rate at 12% annualized, or $1 per share for the month.

Shares of Strategy (MSTR) were up over 7% today after bitcoin jumped above $80,000.

What Stretch (STRC) is and why it slipped

Stretch, the Variable Rate Series A Perpetual Stretch Preferred, launched in July 2025 at $90 with a 9% starting rate. Saylor called it the company’s “iPhone moment.” The design is a feedback loop: Strategy adjusts the dividend each month to hold the price near $100, sells new shares when it trades above par and uses the cash to buy bitcoin.