[STRC Closing Price Drops to Third Lowest Since Listing, Price Dragged Down by Intensified Competition and Dividend Concerns] According to CoinDesk, Strategy's Bitcoin-collateralized preferred stock STRC closed at $91.79 on Tuesday, marking the third-lowest closing price since trading began in July 2025. This represents a nearly 8% drop from its $100 par value, significantly below par. STRC has not returned to the $100 level since its ex-dividend date on May 15. Contributing factors include: Bitcoin's price struggling around $65,000, down approximately 50% from its all-time high in October last year; concerns over dividend coverage, as Strategy currently has only about 7 months of dividend payment capacity remaining, compared to previously having cash reserves sufficient for 24 months.