Strategy's preferred stock, STRC, sees a familiar ex‑dividend dip below the $100 par level

Jan 15, 2026, 12:06 p.m.

Strategy (MSTR), the largest corporate holder of bitcoin, with its treasury strategy centered on accumulating BTC as a core reserve asset, has seen its Variable Rate Series A Perpetual Stretch Preferred Stock, STRC, dip below its $100 stated value in pre‑market trading following its latest monthly dividend payment, a move that largely reflects routine ex‑dividend mechanics.

Ex‑dividend is the date on which a stock begins trading without the right to receive the upcoming dividend, meaning buyers on or after that date will not get the next payout.

STRC currently offers an 11 % annualized yield on a $100 stated amount.

Historically, ex‑dividend price declines have seen drops of as much as 2 %, with frequent recoveries back toward par (as seen in October and December). However, after the August and November dividend dates, STRC experienced price drops of over 6 %, driven by broader volatility, before eventually rebounding.

Recent trading volume and an estimated 40 % at‑the‑money issuance as a share of total volume suggest that roughly 2,280 bitcoin have been purchased via STRC proceeds from Monday through Wednesday.

• Bullish case: Quick recoveries back to $100 or higher, with sustained high volume on dips signaling strong demand for an 11 %‑plus yield.

• Bearish case: Prolonged sub‑$99 pricing (as in November), forcing aggressive future rate hikes and an overwhelming supply from continued issuance.