The correlation between STRC and Bitcoin has risen to a historical high, and the stable return attribute has weakened According to BlockBeats, on June 26th, the 90 day correlation coefficient between Strategy's perpetual preferred stock STRC (Stretch) and Bitcoin has risen to nearly 0.70, reaching a new high since its launch in July 2025. This means that its price trend is increasingly closely following Bitcoin's fluctuations, weakening its attractiveness as a relatively stable yield product. Data shows that STRC has fallen 23% to $76 this month, while Bitcoin has fallen nearly 20% during the same period, falling below $60000. STRC has a face value of $100 and adopts a floating dividend mechanism. The current annualized dividend yield is 11.5%. The company originally hoped to continue issuing funds to buy more Bitcoin by maintaining the stock price close to face value. However, due to STRC currently trading significantly below face value, Strategy's ability to raise funds through additional issuances to purchase Bitcoin is limited. At the same time, the company has recently sold Bitcoin on a small scale to pay dividends, which is in stark contrast to its long-standing strategy of "never selling coins". There are divergent market views, with some investors believing that the current discount of STRC provides an investment opportunity that combines high returns and potential capital appreciation; There are also concerns that if the sluggish market continues, it may weaken Strategy's financing ability and affect its model of relying on the capital market to continuously increase its holdings of Bitcoin. [Original link]