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Throughout much of 2026, Strategy has relied heavily on the issuance of perpetual preferred shares like STRC to raise billions of dollars to fund the majority of its bitcoin purchases. But that doesn't come without cost.

Those securities carry roughly $1.2 billion in annual dividend obligations, while the company's cash reserves have dipped to around $1.4 billion, according to CryptoQuant.

This has created a negative feedback loop that has put pressure on STRC, which itself hit a fresh low of around $71.40 on Friday before recovering to close at $74.72. That's nearly 26% below its intended $100 par value.