Strategy STRC Hits Record Low as QCP Warns of BTC Overhang

Bitcoin remains capped below $66,000 despite U.S.-Iran deal relief as Strategy's dividend runway concerns intensify. The firm sold 32 BTC in late May for $2.5 million—its first sale since 2022—then raised $209 million via share issuance to buy 3,137 BTC, lifting cash to $1.1 billion but leaving only 7.5 months of dividend coverage. STRC preferred stock has fallen to a record $88, implying higher yields and sparking fears of forced sales that create persistent supply overhang on BTC.