Strategy’s STRC returns to $100, reopening a path to Bitcoin funding

By Daniel Okafor

Strategy’s preferred stock STRC traded at $100 on November 4 after shareholders approved daily dividends, according to Joe Consorti in a November 9 video. Consorti said the price restored the level the company needs to issue new shares for Bitcoin purchases.

The recovery opens a route to capital but does not restart sales. STRC must attract enough demand for new shares at or above its $100 threshold. Under the prior monthly schedule, investors’ dividend-capture trading created the volatility that daily payments could reduce.

Why does $100 matter to issuance?

STRC pays an annual dividend of 12% and is designed to trade around $100, Consorti said. Consorti said Strategy does not issue new STRC shares below that price, making a sustained recovery a condition for raising more Bitcoin-purchase funding. He also said STRC had traded at $100 for the first time in 165 days.

Consorti said STRC funded $7.52 billion in Bitcoin purchases during the first half of the year, acquiring approximately 100,000 BTC. He said miners produced roughly 81,000 BTC over the same period.

In two weeks in May alone, Strategy raised $2 billion through STRC issuance and purchased 24,869 BTC, Consorti said.

What changed in the dividend schedule?

Shareholders approved daily dividends on October 28 with 99.3% support, Consorti said. According to Consorti, STRC traded at $99.90 that day and closed at $99.99 the following day. He said the first daily dividend arrived on November 3, followed by a $100 trade on November 4.

Consorti said Strategy had also repurchased about $2.25 billion of STRC since July. He argued that the dividend change supplied the “final push” after months of buybacks and identified daily dividends as “the main catalyst” for the price recovery.

Under the prior monthly schedule, buying ahead of the dividend and selling afterward produced price swings of about $1, Consorti said. Daily payments reduce that movement to about three cents, potentially keeping STRC near the level needed for continued issuance and Bitcoin purchases.

The dividend structure could make the preferred stock a more stable funding bridge between fixed-income investors and Bitcoin demand, according to Consorti.

What does Strive’s record show?

Consorti cited Strive as an earlier example. According to him, Strive’s preferred stock SATA switched to daily dividends on June 16 and traded at $100 for 16 consecutive sessions in September. He said that pattern allowed the company to issue shares into the demand.

Strive purchased 15,124 BTC worth about $1.26 billion during October, exceeding the approximately 13,500 BTC mined that month, Consorti said. The comparison supports his argument that daily dividend schedules can reopen access to funding for income-seeking capital, though STRC remains riskier than U.S. Treasuries.

Could broader capital fund more Bitcoin?

Consorti put the global bond market at $160.7 trillion, roughly 16 times the approximately $10 trillion held by the U.S. ETF industry in 2024. He viewed STRC as another route for income-seeking capital to fund Bitcoin purchases. He compared its potential funding role with the broader brokerage access created by spot Bitcoin ETFs and acknowledged that STRC carries more risk than U.S. Treasuries.

At the current mining pace, annual new Bitcoin supply is approximately 164,000 BTC, Consorti said. If STRC sustained its first-half buying pace and Strive maintained its October pace, their combined annual purchases could exceed twice that supply. The calculation depends on both companies maintaining those purchase rates.

Consorti framed a broader allocation scenario as a thought experiment rather than a forecast. If 0.1% of the global bond market moved into Bitcoin-backed income products, he calculated about $160 billion. That amount was equivalent to roughly 2.1 million BTC at the price used in his analysis.

The next market-structure test is whether daily distributions keep STRC near $100 long enough for investor demand to support new issuance. Without those sales, the price recovery alone will not fund additional Bitcoin purchases.