- Michael Saylor’s Strategy has not sold any of its $4.2 billion STRC at-the-market (ATM) shares since the program began in July 2025.
- The only major sale was at the IPO on July 29, totaling $2.52 billion, with the outstanding value now slightly higher at $2.8 billion.
- STRC has traded below its intended $100 value for much of its existence, impacting potential ATM sales.
- The company pays a 10.25% dividend on STRC shares, which remains fixed at the $100 par value regardless of market price.
- Saylor continues to promote STRC, suggesting it functions like a high-yield bank account, though it does not guarantee principal.
Strategy, led by Michael Saylor, has not yet sold any shares from its $4.2 billion STRC at-the-market (ATM) offering, which started on July 31, 2025. The company appointed major banks, including Morgan Stanley, TD, and Barclays, to handle sales of STRC shares at current market prices.
So far, the only significant sale occurred during the initial public offering (IPO) on July 29, which raised $2.52 billion. As of the end of September, the stated value of STRC stood at $2.8 billion, reflecting only a minor increase since the IPO. The minor growth resulted from pricing changes after the initial sale, with the outstanding share count unchanged since July.
Trading data shows that STRC’s price has mostly remained below its $100 “quasi-peg,” trading between $92.20 and $100 since July 30. The majority of trading has occurred near the lower end of this range. According to the article, Strategy’s confidence in restoring the $100 value contributes to trading activity: “STRC trades lower when investors are less confident in the ability of the company to restore its price to $100.”
While Strategy has recently fulfilled its dividend payments—prompting a brief price rally toward $100—the company pays a set 10.25% dividend based on the $100 face value. If Strategy sells shares below $100, the company raises less capital while still owing the full dividend per share. This factor may explain why the ATM option has remained unused while prices stayed low.
Strategy has a total debt of $8.2 billion and offers four types of dividend-paying preferred shares: STRK with 8% yield and conversion rights, STRF offering 10% yield and senior status among creditors, STRD as a higher-yielding junior option, and STRC, which has a variable rate—currently 10.25%—with its price linked to the U.S. dollar. Saylor has promoted STRC as “a high yield bank account that yielded 10% or more” or “a money market that gave them double or triple”, though STRC does not guarantee the return of principal.
Saylor indicated plans to expand STRC to investors dealing in euros, pounds, or yen. However, there are no public plans for new types of preferred shares at this stage. He maintained on Bloomberg that the focus will remain on STRC for potential new offerings, especially targeting overseas markets.
For more details on the STRC preferred share, visit the company’s official page and refer to their filings with the SEC.
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