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Strategy’s STRC leads three U.S. preferred stock ETFs while remaining below par

Strategy’s STRC leads three U.S. preferred stock ETFs while remaining below par

ETF funds hold $756 million of Strategy’s Bitcoin-linked preferred shares, while Strive’s SATA rebounds toward $100 and Jan3 CEO Samson Mow says that recovery could help restore confidence in STRC.

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Fact Check
Every component of the claim is verified by primary sources. Strategy's official X account confirms STRC became the largest holding in BlackRock's PFF, InfraCap's PFFA, and VanEck's PFXF. Phong Le's own X post confirms average institutional STRC positions rose 105% from March to July while retail ownership fell (78% to 71%). Peter Schiff's X post confirms his argument that institutional buyers were pursuing yield or hedged/spread trades rather than Bitcoin conviction. VanEck's $207M PFXF position independently corroborates STRC's ETF dominance.
Summary

Strategy’s STRC has become the largest holding in BlackRock’s PFF, Virtus InfraCap’s PFFA and VanEck’s PFXF, with Michael Saylor saying the three U.S. preferred stock ETFs together hold $756 million of the security, even as STRC continues to trade about 13% below its $100 par value. The discount limits Strategy’s ability to issue more preferred shares and fund additional Bitcoin purchases, which CEO Phong Le said would resume once STRC returns to par. Separately, Strive’s similar SATA preferred shares have rebounded from a June low of $83.30 to about $97, and Jan3 CEO Samson Mow told Cointelegraph that SATA’s recovery could help reassure investors that the Bitcoin-treasury preferred-share model is not broken and support STRC’s move back toward par.

Terms & Concepts
  • par value: The face value a security is designed or intended to trade around, set at $100 for STRC and SATA.
  • preferred stock ETF: An exchange-traded fund that mainly holds preferred shares rather than common stock.
  • variable-rate perpetual preferred stock: Preferred shares with no maturity date and a dividend that can be adjusted to influence investor demand and keep the price near par.