Strategy spends $635M buying back STRC as perpetual preferred stock lags $100 par

Strategy has spent $635 million repurchasing STRC, but the perpetual preferred stock continues to trade below its $100 par value. STRC was priced at $97.34 despite the company’s growing buybacks, according to CoinDesk. The discount contrasts with the performance of SATA, another Strategy preferred stock, which has maintained its $100 par value. SATA’s higher dividend rate has supported its ability to hold that level, while STRC remains below par even as Strategy increases its repurchases. The contrasting performance highlights different market treatment of the company’s preferred securities. For investors tracking Strategy-related instruments, the gap between STRC’s market price and its par value, alongside SATA’s steadier trading level, is a key development in the preferred-stock market.