Strategy’s Bitcoin Buying Vehicle Nears Critical $100 Level

Strategy’s high-profile STRC preferred stock may once again open the door to an important line of capital for the Bitcoin treasury juggernaut to grow its cryptocurrency position.

The chart for STRC is one of the most important in crypto. Now that it is close to reclaiming the $100 level, Strategy could soon start announcing more major BTC purchases. 

Why $100 is significant

The level is significant because it would open up a new source of capital for Strategy without issuing more MSTR common shares. 

Strategy’s STRC is a preferred stock with an annualized variable dividend of 12% at the $100 price level that Strategy has been trying to stay near.

Strategy has made clear it has no current intent to issue new STRC shares at less than par. While STRC has been below $100, Strategy has been engaged in share buybacks.

Get STRC back to $100 and more, and that equation could change. Strategy could once again start selling the STRC stock through its at-the-market program, which had roughly $17.5 billion of remaining capacity as of Oct. 4.

And STRC proceeds could be used for general corporate purposes, which include buying Bitcoin.

A remarkable turnaround

STRC spent time near the $100 level in May. In June, however, it experienced significant selling pressure. STRC moved from over $95 in mid-June down to an intraday low of $71.25 on June 26. 

From there, STRC bounced to the mid-$80s and then consolidated in July. The stock then topped $90 in early August and has advanced to a series of higher highs and higher lows in August and September. On Sept. 18, STRC hit $98.51. On Sept. 29, it moved up to $99.56. STRC was last traded at $99.41 as of Oct. 2, up some 40% from its June low.

Could STRC pave the way to billions of dollars worth of Bitcoin buying? That’s not exactly the case. Reaching $100 doesn’t automatically trigger Bitcoin buying.

Rather, when STRC is trading at or above $100, it makes it a more appealing source of capital for Strategy, based on its current policies.

With that being said, it is true that there is a history of STRC playing a role in funding extremely large buys of Bitcoin.

For example, Strategy’s original issuance of STRC raised around $2.47 billion in net proceeds back in July 2025. Then, days later, the company announced the purchase of 21,021 BTC for about $2.46 billion.