Strategy’s $100 STRC comeback could turn a cash drain into fresh Bitcoin buying power

Strategy's STRC preferred stock briefly returned to $100 on Nov. 4, potentially restoring a funding channel for Bitcoin purchases after months of cash-consuming share buybacks.

The company announced on Nov. 4 that its STRC security had reached $100, prompting executive chairman Michael Saylor to declare:

“We're ₿ack.”

The recovery followed about $2 billion in share repurchases since July, as Strategy sought to support the preferred stock after its prolonged decline below its $100 stated value.

Independent tracker STRC.live reported that the security touched $100 before retreating to close at $99.97. It also estimated that renewed at-the-market (ATM) activity may have financed the purchase of approximately 191 BTC on Wednesday.

Strategy has not confirmed those purchases.

Strategy's Bitcoin treasury stood at 849,327 BTC as of Nov. 1.

The $100 threshold matters because Strategy’s current policy is not to issue STRC below that level. Its Nov. 2 disclosure listed about $18 billion of STRC available for issuance and sale as of Nov. 1. New sales could help finance Bitcoin purchases without issuing additional common stock.

However, months of below-par trading constrained that approach, forcing Strategy to shift from raising capital through STRC to repurchasing the security at a discount.

STRC's rebound followed a significant change to its dividend structure, with Strategy introducing daily distributions from Nov. 1 to improve the security's price stability and appeal to income-seeking investors.