STRC returns to $100, Strategy financing tool restarts, will Bitcoin holdings continue to increase?

Strategy’s perpetual preferred stock STRC traded back above $100 before the market open on Wednesday, marking the first time since mid-November. This price rebound is significant for Strategy’s financing ability, as it indicates that this Bitcoin whale company has the opportunity to raise funds through at-the-market (ATM) issuance of new shares, further increasing its Bitcoin holdings. But the question is, can this financing tool truly support Strategy’s aggressive Bitcoin accumulation strategy?

Key Timeline of STRC Price Rebound

From peak to trough and back again

The price fluctuations of STRC reflect changing market sentiment towards Strategy’s Bitcoin strategy. According to the latest data:

• Last traded at around $100: November 4-13, 2025
• Subsequently declined: fell to near $90 low
• This rebound: back to $100 on January 7, 2026

What does this rebound mean? Simply put, the rising STRC price indicates increased investor willingness to finance Strategy through this instrument. When the price is above $100, Strategy can issue new STRC shares via ATM (at-the-market) issuance without causing excessive dilution to existing shareholders.

Strategy’s Financing Dilemma and Opportunities

Changes in financing costs

Recent information shows that Strategy’s financing environment has changed significantly. The company currently relies on financing methods with very different costs:

This means Strategy now pays a higher price for each Bitcoin purchase. When the stock price is below Bitcoin’s net asset value, this problem becomes even more severe.

Recent Accumulation Actions by Strategy

However, Strategy has not stopped increasing its holdings. According to the latest data, the company has taken action in early 2026:

• Increase in holdings: 1,287 BTC
• Investment amount: $116 million
• Average purchase price: $90,391 per BTC
• Total holdings: 673,783 BTC (3.21% of the global supply)
• Total cost: approximately $5.05 billion
• Current unrealized gains: $11.975 billion

Practical Significance of STRC Price Recovery

Resumption of the financing tool

The rebound of STRC above $100 is not just a simple stock price increase. It signifies that Strategy can effectively raise funds using this instrument:

• When STRC price exceeds $100, Strategy can issue new shares via ATM
• This method has lower dilution compared to issuing common stock directly
• Investors’ willingness to buy STRC at this level indicates market demand for this product

But there are limitations

It’s important to note that the price rebound of STRC does not fully resolve Strategy’s financing cost issues. According to analysis:

• Strategy’s mNAV (market net asset value) premium has dropped to 1.03x, near historical lows
• This indicates decreasing attractiveness of Strategy as a Bitcoin proxy
• High financing costs (10-12.5%) remain a long-term problem
• This makes large-scale acquisitions more costly and more dilutive

Future Outlook: Will the Accumulation Continue?

Short-term possibilities

The price rebound above $100 creates a financing window for Strategy. In the coming period, Strategy might:

• Use this window to issue new STRC shares
• Use the proceeds to continue increasing Bitcoin holdings
• But the scale of accumulation may not be as large as in 2024-2025

Long-term challenges

Based on recent analysis, Strategy in 2026 appears more as an “occasional buyer rather than a sustained leader in Bitcoin prices.” This is because:

• Changes in financing cost structure reduce the economics of large-scale accumulation
• Compression of premiums weakens the ability to finance without diluting shareholders
• Market confidence in Strategy’s Bitcoin strategy is waning

Summary

The return of STRC above $100 is a positive signal for Strategy’s financing tool, but it is only superficial good news. Deeper down, Strategy faces a complex dilemma of rising financing costs, declining premiums, and waning market confidence. In the short term, Strategy may leverage this price window for financing and accumulation, but long-term sustainability remains uncertain. The future scale of its holdings will depend on Bitcoin price trends, STRC price stability, and market acceptance of Strategy’s model. In simple terms, the rebound in STRC price gives Strategy an opportunity, but not a solution.