Strategy (MSTR), the innovative firm formerly known as MicroStrategy, is making waves in the financial landscape with its new Perpetual Stretch Preferred Stock, ticker STRC. Executive Chairman Michael Saylor has boldly declared this offering the company’s “iPhone moment,” signaling a transformative shift in how capital markets interact with digital assets. The initial public offering (IPO) of STRC has already successfully raised an impressive $2,5 mil millones, attracting significant investor interest.
Understanding STRC: A New Era for Bitcoin-Backed Investments
Marketed as “Stretch,” STRC is engineered as a variable-rate, perpetual preferred stock. Its design prioritizes stable pricing, attractive yield, and accessible entry for income-focused investors seeking indirect exposure to bitcoin. Each share of STRC, with a par value of $100, is designed to pay a monthly dividend, initially set at an annualized rate of 9%. Strategy retains the flexibility to adjust this dividend monthly, guided by rules aimed at maintaining STRC’s trading price close to its $100 target.
A key feature reinforcing its stability is the substantial overcollateralization: for every dollar of STRC issued, Strategy holds approximately five dollars’ worth of BTC. This robust backing significantly mitigates volatility. Furthermore, the security incorporates a “dividend stopper” mechanism. Should any monthly payment be missed, payouts to junior securities like STRD and STRK are halted until STRC dividends are fully settled. STRC is senior to other preferred stocks but junior to debt and the STRF preferred series. Now listed on Nasdaq, the stock can be redeemed by Strategy, and it includes a fundamental change put right, offering additional investor protection.
Essentially, STRC functions like a high-yield savings instrument with bitcoin backing, aiming to provide returns without the direct price swings of cryptocurrencies or the duration risks typically associated with traditional preferred stocks.
Successful IPO and Ambitious Expansion
The IPO for STRC concluded on 29 de julio de 2025, raising approximately $2,5 mil millones through the issuance of 28 million shares, priced at $90 each. The proceeds from this offering are earmarked for general corporate purposes, including the strategic acquisition of more bitcoin and bolstering working capital. Following this success, Strategy’s board of directors declared an initial monthly dividend of $0,80 per share, payable on 31 de agosto de 2025, to shareholders recorded as of 15 de agosto.
Further cementing its expansion plans, Strategy announced a $4,2 mil millones at-the-market (ATM) program on 31 de julio de 2025. This program provides the company with a flexible mechanism to issue additional STRC shares gradually, adjusting to prevailing market conditions. Strategy has indicated its intention to maintain strict pricing discipline for STRC within the ATM program, aiming for sales between $99 and $101 (before fees), consistent with its objective of a stable $100 trading price. This disciplined approach underscores STRC’s unique positioning compared to other preferred equity programs.
Saylor’s Vision: Redefining Capital Markets with Bitcoin
During Strategy’s Q2 2025 earnings call on 31 de julio, Michael Saylor likened STRC to the “iPhone moment” for corporate finance. He views it not merely as a fundraising tool, but as a breakthrough that could fundamentally reshape capital access in the bitcoin economy. Saylor highlighted STRC’s unparalleled accessibility and simplicity compared to Strategy’s previous, more complex instruments. He emphasized its appeal to a broad investor base, stating, “If I walk down the street and you ask a hundred people, ‘Do you want a high-yield bank account?’ 99 out of 100 say yes.”
STRC addresses two critical challenges in digital asset finance: minimizing long-term volatility by maintaining a short duration and offering a significant premium over traditional bank yields. Saylor noted the instrument’s 9% variable monthly dividend, describing it as “500 basis points above your bank account.”
The security’s design to trade near its $100 par value is crucial to its mass appeal. Saylor acknowledged that previous products faced reduced retail interest when their principal value fluctuated significantly. STRC, thanks to its substantial bitcoin overcollateralization, aims to maintain price stability even amidst bitcoin price movements. This stability, he believes, unlocks immense scalability for Strategy’s bitcoin holdings without requiring direct BTC sales, effectively allowing the company to leverage its treasury for liquidity at a retail scale.
In Saylor’s perspective, the trifecta of simplicity, stability, and high yield positions STRC as a truly transformative product. Much like the iPhone revolutionized personal computing, STRC has the potential to redefine how companies tap capital markets in a bitcoin-native framework, ushering in a new era for corporate treasuries and digital asset investments.
Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Investors should always conduct their own thorough research and consult with a qualified financial advisor before making any investment decisions in cryptocurrencies, which are highly volatile and speculative assets.
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