Strategy’s $100 STRC comeback could turn a cash drain into fresh Bitcoin buying power

Strategy's STRC preferred stock briefly returned to $100 on Nov. 4, potentially restoring a funding channel for Bitcoin purchases after months of cash-consuming share buybacks.The company announced on Nov. 4 that its STRC security had reached $100, prompting executive chairman Michael Saylor to declare:“We're ₿ack.”The recovery followed about $2 billion in share repurchases since July, as Strategy sought to support the preferred stock after its prolonged decline below its $100 stated value.Independent tracker STRC.live reported that the security touched $100 before retreating to close at $99.97. It also estimated that renewed at-the-market (ATM) activity may have financed the purchase of approximately 191 BTC on Wednesday.Strategy has not confirmed those purchases.Strategy's Bitcoin treasury stood at 849,327 BTC as of Nov. 1.The $100 threshold matters because Strategy’s current policy is not to issue STRC below that level. Its Nov. 2 disclosure listed about $18 billion of STRC available for issuance and sale as of Nov. 1. New sales could help finance Bitcoin purchases without issuing additional common stock.However, months of below-par trading constrained that approach, forcing Str...