STRC Returns to Its Issuance Threshold: Don’t Price BTC Buying as “Resumed” Just Yet

At around 19:30 Beijing time on November 6, Binance Square’s trending page still showed `#StrategySTRCResumesIssuanceAfterOver170Days`, with around 577 people discussing it. The central question in the discussion is whether Strategy’s STRC preferred stock financing channel has reopened. But “the channel may have reopened” and “new BTC buying has taken place” are not the same thing.

First, let’s look at the facts that can already be verified. Strategy’s October 29 earnings report said that STRC would switch to daily dividends starting November 1. As of October 25, the company held 848,517 BTC and had repurchased approximately $2.04 billion worth of STRC. The official filing on November 2 further disclosed that the company purchased 811 BTC between October 26 and November 1 at an average price of approximately $80,846, while using $208.2 million in cash to repurchase STRC.

However, the period covered by the November 2 filing shows no STRC ATM sales. The widely shared post on Binance Square claiming that issuance had “resumed and raised funds to buy more than 120 BTC” is better treated for now as a market narrative that requires further verification, rather than as the latest official confirmation. The key verification point is whether the next filing reports the number of STRC shares issued, net proceeds, and the use of funds.

If you’re only interested in spot trading, you can start with the BTC/USDT spot page:

https://www.binance.com/zh-CN/trade/BTC_USDT

At around 19:31 Beijing time, BTC was trading at approximately 76,111.53 USDT on Binance Spot, down 5.193% over 24 hours, with a 24-hour high and low of approximately 80,396.35 and 75,208.42. Quoted trading volume was about 2.069 billion USDT. This snapshot shows the market remains in a highly volatile pullback; the STRC story cannot be taken as direct evidence that BTC has attracted new buyers.

To observe the leveraged market, you can check the BTC/USDT USDⓈ-M perpetual page:

https://www.binance.com/zh-CN/futures/BTCUSDT

At the same time, the latest perpetual price was approximately 76,083.90 USDT, the mark price was around 76,090.00, open interest was about 95,085.461 BTC, and the most recent funding rate was approximately +0.005164% per 8 hours. Quoted trading volume was about 21.931 billion USDT. Perpetual trading volume being significantly higher than spot volume does not mean that traders are betting on a successful STRC offering; open interest, funding rates, and spot trading volume each address different questions.

The local chart’s four-hour BTCUSDT view shows the current price remains below MA10 at approximately 77,764.9 and MA35 at approximately 77,799.6; MA99 is around 79,560.4, and MA200 around 81,307.7. The visible range has a high of approximately 84,875.2 and a low of 75,158.0. The chart includes an ongoing four-hour candle, so an intraday rebound should not be mistaken for a closing-price reversal. The chart cover is provided only to illustrate the price trend, not as a source of facts about STRC issuance.

My assessment is that STRC’s return to around $100 matters because it could reopen a potential BTC financing channel—not because it automatically creates demand. Strategy’s previous framework did indeed place preferred stock issuance, dollar reserves, dividends, and BTC purchases within the same capital management strategy. But whether the company actually issues shares, whether the market can absorb the offering, and whether the proceeds are used to buy BTC all remain subject to formal disclosure. For BTC, this is more like a marginal catalyst that still needs to be verified than a certain positive factor that can be priced in today.

What could overturn this assessment? If a subsequent official filing clearly confirms that STRC ATM sales have resumed and discloses the net proceeds and their use for BTC purchases—and STRC remains consistently above $100—the case for a reopened financing channel would strengthen. Conversely, if STRC falls below the issuance threshold again, the company continues repurchases without issuing shares, or the next filing still shows no STRC sales, the claim that “more than 120 BTC represents new buying funded by the offering” should no longer be presented as fact. The prices and links above are provided for informational reference only and do not constitute trading advice.

Sources:

- Binance Square trends page: https://www.binance.com/en/square/trends

- Strategy third-quarter earnings: https://www.strategy.com/press/strategy-announces-third-quarter-2026-financial-results_10-29-2026

- Strategy Form 8-K dated November 2, 2026: https://www.sec.gov/Archives/edgar/data/1050446/000119312526442707/mstr-20261102.htm

- Strategy STRC metrics page: https://www.strategy.com/strc

- Market snapshot: Binance Spot API and USDⓈ-M Futures API, around 19:31 Beijing time on November 6, 2026.

Risk disclosure: This article summarizes events and market information and does not constitute investment advice. STRC is a U.S.-listed preferred security, not an asset available for trading on Binance Spot or Binance Perpetuals. BTC prices, funding rates, open interest, and the company’s financing plans may change rapidly. Please refer to the latest official disclosures and completed market sessions.

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