Why Strategy’s STRC calculator shows $210 for a share it can redeem at $101
Strategy’s Bitcoin credit calculator implied an illustrative STRC value of $210.90 on Oct. 2, versus its $99.50 market-price input. The output results from capitalizing a $12 annual dividend using a modeled 5.69% combined risk-free yield and Bitcoin credit spread; it replaces the market’s much higher spread and does not explicitly value issuer redemption rights or future dividend changes. Strategy says the figure is neither fair value nor a price target, and dashboard prices may be stale. STRC can be redeemed by the issuer at $101 or a higher announced amount, plus applicable unpaid dividends, but holders cannot demand redemption. Dividend rates may change, and payments require board declaration and legally available funds. Strategy reported a $5.02 billion reserve for preferred dividends and debt interest, but that dated balance is not a guarantee of future payments. The calculator’s output, market price and potential redemption payment therefore represent distinct values and conditions.
