Another Piece of Michael Saylor’s Bitcoin Strategy May Be Falling Into Place

Is Another Piece of Michael Saylor’s BTC Strategy Starting to Fall Into Place?

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With the perpetual preferred share STRC now trading at par, Strategy may unlock a new path to acquire bitcoin through its at-the-market program.

By James Van Straten|Edited by Sheldon Reback

Nov 6, 2025, 9:59 a.m.

The price of Strategy’s perpetual preferred share (STRC) hit an all-time high of $100.10, paving the way for potential new issuance.
The company has $4.2 billion in available share sales that could be used to buy more bitcoin.
Trading at par allows Strategy to tap its at-the-market offering tied to STRC.

Another piece of Strategy (MSTR) Executive Chairman Michael Saylor’s playbook looks to be taking shape after the company’s perpetual preferred share, Stretch (STRC), hit a record high of $100.10 with trading volume reaching 1 million shares.

The milestone is significant because it enables Strategy, the largest holder of bitcoin BTC$102,990.38, to utilize its at-the-market (ATM) offering against STRC to buy more of the largest cryptocurrency. STRC, described by the company as a short-duration, high-yield credit instrument, currently offers an annualized 10.5% return, paid monthly in cash.

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The ATM, established on July 31, had been on hold because the instrument was not trading at par. The company raised STRC’s dividend rate, initially at 9%, to help push the trading price toward the $100 par value. According to the latest 8-K filing, the company has $4.2 billion in available capacity for share issuance.

Strategy has already used ATM sales on its other three perpetual preferred products —STRK, STFR and STRD — as well as its common stock to fund bitcoin purchases.

MSTR common shares have fallen 15% this year to around $253. With the multiple to net asset value (mNAV) hovering near 1.3, Saylor’s ability to issue perpetual preferred stock successfully will be key to continuing the company’s bitcoin accumulation in a non-dilutive manner.

STRC is up 0.5% in pre-market trading at $100.50 per share, while MSTR is down 1%.

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