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Strategy's STRC Trades Near $75 as Farside Warns 12% Dividend Plan Could Undermine Stability Mechanism

2026-07-01 20:57:55

According to Farside Investors, Strategy's STRC traded near $75 on July 1, with the UK investment adviser warning that a planned 12% dividend increase could weaken the instrument's price-stability mechanism and investor confidence. Farside argues the discretionary coupon structure creates a dangerous feedback loop: if STRC falls due to credit concerns, raising the dividend to support the price could increase cash strain and further erode investor trust. The firm's analysis reveals a sharp valuation split driven by coupon uncertainty. Assuming Strategy maintains the 11.5% dividend in full, STRC would be valued around $144 using an 8% discount rate; under the assumption the coupon declines toward Secured Overnight Financing Rate (SOFR), around 3.6%, the valuation drops to approximately $55. Farside said STRC's recent dip to $75, followed by a rebound to $86, suggests the price-stability mechanism is already failing.

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