The variable-rate preferred shares are now less than 5% below par value, signaling renewed confidence in the Bitcoin-linked equity instrument. Strategy’s preferred stock STRC opened trading at $95.39 on August 12, marking its highest level in two months. What STRC actually is and why $95 mattersSTRC, formally known as the Variable Rate Series A Perpetual Stretch Preferred Stock, is not your typical preferred share. STRC’s dividend adjusts monthly based on how the stock trades relative to its $100 par value. Raising over $2.5 billion through a single preferred stock offering gave Strategy a massive war chest without diluting common shareholders through a traditional equity raise.