Strategy's STRC preferred stock closed at $95.31 on Aug. 21, remaining 4.69% below its $100 stated value, despite Bitcoin's price near $77,125.

The security, launched in July 2025 through an IPO of over 28 million shares priced at $90 each, carries a variable annual dividend of 12% of the stated value, paid in two monthly installments of $0.50 per share, which equates to an effective yield of about 12.6% at the Aug. 21 price.

Tushar Jain, co‑founder of Multicoin Capital, argued that the 12% dividend does not adequately compensate investors for the roughly 30% drawdown STRC has experienced, saying that a higher yield is required for that level of risk. He noted that the dividend has not increased despite Bitcoin's rally above $77,000, and that failure to return STRC to $100 would limit Strategy's ability to issue additional shares for Bitcoin purchases. Strategy has used share repurchases and sales of Bitcoin to fund dividends and reduce outstanding shares, buying back 288,930 shares in late July and later repurchasing about 1.15 million shares with proceeds from Bitcoin sales. The company's Bitcoin reserve remained at 840,447 BTC, valued at roughly $63.36 billion at an average acquisition price of $75,385 per BTC. Chief executive Phong Le said the firm would consider raising the dividend only if STRC's price sustained levels near $100 and would not issue new STRC shares below the stated amount. The firm also cautioned that its modified net asset value ratio is not equivalent to traditional net asset value and may not predict security prices.

The situation underscores the link between STRC's market price, dividend policy, and Strategy's Bitcoin acquisition strategy, with Jain warning that continued discounting could impede further Bitcoin‑accretive share issuance.