Strategy's STRC Preferred Stock Closes at $89, Down 11% From Par on Wednesday

According to Yahoo Finance, Strategy's STRC preferred stock (Variable Rate Series A Perpetual Stretch Preferred Stock) closed at $89 on Wednesday, down 11% from its $100 par value and marking its lowest daily close in at least 52 weeks. The stock hit an intraday low of $88.50 and traded $417.5 million in volume.

The bitcoin-backed preferred stock is designed to maintain a stable price around $100 through monthly rate adjustments while paying a 12.9% effective dividend rate to shareholders. Strategy paused its at-the-money share issuance program while STRC trades below par. Competitor SATA, a similar preferred stock issued by Strive, was trading above $99 with a 13.69% rate on the same day.