Strategy’s (MSTR) dividend-paying preferred stock STRC closed at $91.79, its third-lowest close since trading began in July 2025 and nearly 8% below its intended $100 par value. Investors are increasingly favoring Strive’s (ASST) bitcoin-backed preferred SATA, according to CoinDesk, as SATA trades near $100 with an ~13% yield, daily dividends and no debt, versus STRC’s 11.5% and bi-monthly payouts. CoinDesk cited weaker bitcoin prices and concerns over STRC dividend coverage after Strategy used cash to repay $1.5 billion of convertible debt.