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Strategy’s perpetual preferred stock, STRC, sank to another record low this week as Rosen Law Firm opened a securities investigation into the company, adding legal scrutiny to a financing structure already strained by STRC’s steep discount to par.
STRC traded at $75.69 at the time of writing after touching an intraday low of $74.50 on Thursday, according to TradingView. The decline pushed the preferred stock 24% below its $100 par value and came as Strategy’s common shares slipped toward their lowest levels since February 2024 while Bitcoin (BTC) hovered near $59,000.
The latest selloff coincided with a June 24 announcement from Rosen Law Firm, which said it was investigating whether Strategy may have issued materially misleading business information to investors. The notice covers holders of MSTR common stock along with STRF, STRC, STRK, and STRD preferred shares.
Rosen’s notice invites shareholders to participate in a potential class action and seek appointment as lead plaintiff. The firm said it was reviewing possible securities claims tied to Strategy’s business disclosures and capital market activities.
The investigation doesn’t represent an enforcement action by the US Securities and Exchange Commission, a Department of Justice case, or a filed complaint. Strategy previously said it intends to vigorously defend itself against earlier litigation related to its adoption of fair-value accounting rules and Bitcoin-related losses.
The probe arrived as STRC traded nearly one-quarter below par, MSTR approached its lowest level since February 2024, and Bitcoin remained below Strategy’s average acquisition cost.
Strategy’s market capitalization premium over its Bitcoin holdings has narrowed significantly in recent months, making it harder for the company to raise capital through security offerings and use the proceeds to expand its Bitcoin treasury.
BREAKING: $STRC hits another all time low today.$MSTR is also down -9.20%, hitting a new 28 month low.
This comes right as Rosen Law Firm has opened an investigation into Strategy.
The firm is investigating potential securities claims on behalf of shareholders, covering… pic.twitter.com/81ygTWEsyd
— Bull Theory (@BullTheoryio) June 25, 2026
STRC was launched as a variable-rate perpetual preferred stock designed to trade close to its $100 stated value while paying monthly dividends. The current annualized dividend rate stands at 11.5%.
Trading well below par doesn’t prevent Strategy from meeting its obligations, but it changes the economics of raising fresh capital through preferred share issuance because the company can no longer sell preferred shares near their stated value.
Arkham estimated this week that maintaining STRC’s dividend structure costs about $1.2 billion annually. Strategy disclosed on June 22 that it held about $1.4 billion in cash reserves and purchased 520 BTC during the previous week.
The company owns 847,363 BTC acquired at an average cost of $75,651 per coin.
Arkham argued in an X post that STRC’s decline doesn’t resemble the collapse of Terra’s LUNA because Strategy isn’t obligated to support the preferred stock’s market price and still holds $1.4 billion in cash reserves.
Two Prime CEO Alexander Blume said on Thursday that repeated pivots in Strategy’s approach and weak performance across STRC and MSTR had damaged investor trust.
IS STRC THE NEXT LUNA?
Short answer – not quite.
STRC has depegged. It’s down to $76.2, approximately 25% below par. Michael Saylor has $1.4 Billion to pay STRC dividends, but will he be able to keep the stock alive? Here’s our breakdown: pic.twitter.com/bMDzGWEHMW
— Arkham (@arkham) June 25, 2026
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