Strategy’s preferred stock STRC closed Wednesday at $94.65, about 5% below its $100 par value, touching off a wave of alarm on social media.
While some critics have aired concern about the sustainability of the structure that has helped fund Strategy’s Bitcoin buying spree, a few supporters argue that STRC’s move down is normal for preferred securities.
STRC Is Acting Like a Preferred Stock
One of those pushing back against the panic was crypto commentator Scott Melker, known as The Wolf of All Streets to his 1 million followers on X.
“A 5% discount to par is not evidence that something is broken,” he wrote in a June 4 social post. “It’s evidence that investors are demanding higher yield, pricing risk, or reacting to market conditions – exactly what preferred stocks do.”
The mechanics here matter. STRC launched in July 2025 at a $100 par value, not a price floor, and according to the analyst, that par figure determines how liquidation preference and certain redempti
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