Strategy's STRC Shares Sink to Record Low of $82.53, Disrupting Bitcoin Funding Mechanism

Strategy's STRC preferred shares fell to a record low on Thursday, with intraday trading reaching US$82.53 (AU$117.19) before closing at US$88.59 (AU$125.80), approximately 13% below its US$100 (AU$142) liquidation preference. The decline has disrupted at-the-market share issuance, a key mechanism funding the company's Bitcoin accumulation strategy.

Strategy's Bitcoin acquisition pace has slowed notably in recent weeks. The company purchased 1,550 BTC for US$101 million in the week ending June 8 and 1,587 BTC for US$100 million the following week, compared with 34,164 BTC for US$2.54 billion in April and 24,869 BTC for approximately US$2.01 billion in May.