Michael Saylor has reiterated that Strategy aims to keep STRC trading at or above its $100 par value, underscoring a broader effort to make the preferred security behave more like a stable income instrument than a volatile crypto-linked equity. STRC, the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, launched in July 2025 and raised about $2.5 billion. It offers variable monthly dividends initially set at roughly 9% annualized and is designed for investors seeking steadier exposure to Strategy’s Bitcoin-backed balance sheet without holding Bitcoin directly. That model came under pressure by mid-2026, when STRC traded between $74 and $88. Strategy responded by halting at-the-market share sales and moving into buyback mode, repurchasing $25 million of STRC in July 2026 and later more than $132 million more. The company also built its U.S. dollar reserves to about $4.8 billion while holding roughly 840,447 Bitcoins as of mid-August 2026. Saylor has said Strategy would not allow STRC to rise significantly above $100 and would use all available resources to bring it back to par if it falls below, with the goal of preserving par-value liquidity and keeping price swings minimal even at high trading volumes.