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Strategy’s preferred stock, STRC, is attracting growing institutional interest after becoming the largest holding in three major preferred stock exchange-traded funds (ETFs), including BlackRock’s iShares Preferred and Income Securities ETF (PFF). The development highlights increasing institutional exposure to Strategy’s Bitcoin-backed securities, even as the stock trades below its $100 par value.
Strategy co-founder Michael Saylor announced on X that STRC is now the largest holding in BlackRock’s PFF, Virtus InfraCap’s PFFA, and VanEck’s PFXF ETFs. Combined, the three funds hold approximately $756 million worth of STRC shares. The preferred security now ranks ahead of preferred shares issued by companies such as Boeing, Google, and Oracle.
Saylor described the milestone as a sign that digital credit is moving into the institutional mainstream, giving investors broader exposure to Strategy’s Bitcoin-linked financial products.
Despite the strong institutional demand, STRC continues to trade below its $100 par value. According to TradingView data, the preferred stock is currently priced around $85, down more than 2%. The discount has also limited Strategy’s ability to raise additional capital for its Bitcoin acquisition strategy.
Strategy’s common stock, MSTR, is also under pressure, trading below the key $100 level as Bitcoin’s recent weakness weighs on crypto-related equities. Both STRC and MSTR have closely tracked the broader decline in the Bitcoin market.
Meanwhile, Strategy CEO Phong Le highlighted the company’s growing institutional adoption. He revealed that average institutional holdings increased by 10% between March and this month, reaching $3.5 million. During the same period, retail ownership declined from 78% to 71%, reflecting a shift toward institutional investors. STRC currently offers a 12% dividend, paid on a bimonthly basis.
Bitcoin critic Peter Schiff questioned whether the institutional inflows reflect long-term confidence. He argued that some investors may be using STRC in short-term trading strategies, such as pairing purchases of the preferred stock with short positions in MSTR or Bitcoin. Schiff added that such strategies should not necessarily be viewed as bullish for either Strategy or Bitcoin.
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