Strategy's STRC Preferred Stock Hits Lowest Level at $82.53 Since Debut, Leaving Retail Investors Underwater

According to Decrypt, Strategy's STRC preferred stock hit its lowest level since its July 2025 debut, falling to $82.53 on Tuesday and marking a sharp reversal from its $100 par value. The decline has left retail investors holding significant losses, with one investor reporting an approximately $42,000 underwater position on a $425,000 allocation.

The 11.5% annual dividend-yielding product, which Strategy co-founder Michael Saylor has promoted as equivalent to money market funds, now faces investor skepticism. Glenn Cameron, head of institutional services at Onramp Bitcoin, warned that the preferred stock carries substantial downside risk without deposit insurance and is dependent on Bitcoin's price and Strategy's ability to sustain dividend payments. Strategy's common stock fell roughly 34% over the past month, and the company recently sold 32 Bitcoin to manage recurring STRC costs, triggering market concern about capital adequacy. Retail investors own approximately 80% of STRC's outstanding shares, according to Strategy.