CoinEx News: Strategy's STRC preferred stock traded near $74 on June 26, about 26% below the $100 it is built to track. For a stablecoin that gap would be a broken peg; for a bond, a default warning. STRC is neither: a perpetual preferred with no maturity and no holder right to redeem at $100, where missed dividends accumulate rather than default — so the discount cannot force an immediate blow-up.

What holds STRC near $100 is not a guarantee but a floating dividend Strategy can raise to defend the price — and it already has, lifting the rate from 9% to 11.5% before pausing, with the discount still intact. The structural risk: defending par keeps getting more expensive, quietly tightening the funding behind Strategy's Bitcoin buying.