Strategy CEO Phong Le revealed that the average position held by institutional funds in the Stretch preferred stock (STRC) surged by 105% between March and July 2026, reaching $3.5 million per fund. This massive institutional participation drove retail ownership down from 78% to 71% over the same period. STRC has become the largest single holding in three U.S. preferred stock ETFs with a combined $756 million across BlackRock (PFF), Virtus InfraCap (PFFA), and VanEck (PFXF). However, Bitcoin’s decline to $65,000 has resulted in an unrealized loss of $1.25 billion for Strategy in Q2 2026. Broker Peter Schiff challenged the narrative, arguing that smaller investors likely capitulated and locked in losses during recent crypto market corrections.
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