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- Strategy’s STRC Drawdown Continues Despite $300 Million Cash Boost. What Gives?
Strategy’s STRC Drawdown Continues Despite $300 Million Cash Boost. What Gives?
It’s been an ugly few weeks for Strategy’s STRC. Here’s why it’s trading so far below par and what the company can do to get it back to $100.
David Okoya
June 23, 2026 • Estimated Reading Time: 7 minutes
STRC's drawdown has been arguably the hottest topic in crypto in the past few weeks. And it is for good reason. Strategy is the largest corporate holder of Bitcoin, any signs of cracks in its model could have disastrous consequences for the price of the asset. As such it is necessary to cut through the noise to understand what is driving the drawdown.
- David Okoya
Strategy’s STRC Drawdown Continues Despite $300 Million Cash Boost. What Gives?
The new centerpiece of Michael Saylor’s Bitcoin accumulation engine is failing to perform as intended.
Strategy's STRC preferred stock has not traded near its $100 par value since the end of last month. It closed at $88.79 on Monday, after bouncing off a new record low of $82.53 reached last Thursday.
STRC daily candle chart (Source: TradingView)
STRC's bad spell did not break as it approached its now past ex-dividend date of June 15. Bitcoin's rebound to $67,000 last week surprisingly did not help, nor has Strategy announcing on Monday that it now has $1.4 billion in cash reserves after adding $300 million last week. It has also not helped that the company has shifted to a bi-monthly dividend payment structure.
So, what gives?
The theories making the rounds include shorting of STRC, a rotation to Strive's SATA preferred stock and an unraveling of leverage. Though the real reason is likely less dramatic, the question now becomes what Strategy is likely to do — and what the chances are that it can turn around its struggling empire.
In the rest of this issue, subscribers get:
An in-depth look at all the theories thought to be driving STRC's decline: from the likelihood of a short seller depressing the price to the possibility of a SATA rotation, to the hypothesis that liquidations are causing the slump.
Why rumors of Strategy's death may be greatly exaggerated: What “death spiral” prognosticators are missing.
A look at how Strategy could handle the situation and the potential outcomes: why Strategy still has several tools at its disposal to bring STRC to par.
The two main numbers to watch for STRC's recovery.
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