Strategy’s STRC Slips Below Par and Saylor Says the Machine Still Works

By Isaac • June 20, 2026 1:47 pm •

Strategy’s STRC preferred stock was designed to sit close to a $100 par value. On Thursday it fell below $83 before climbing back toward $88.

Bitcoin still ranks first by market capitalization in the current June 20 CoinGecko data. STRC is one of the financing rails Strategy uses to keep buying it, and that rail just got tested in public.

This is a capital-markets stress test, not a verdict on bitcoin itself. The question is whether a product pitched as stable bitcoin-linked credit can hold its shape when both bitcoin and liquidity weaken at the same time.

Michael Saylor’s response to the volatility was short and steady.

Markets are closed today. Volatility is never easy.