Strategy’s variable rate perpetual shares (STRC) have been trading below their $100 par value since May 15, marking five months of persistent undervaluation. Despite repeated attempts by the company’s leadership, including large-scale share buybacks and partial BTC sales, the goal of returning to parity has not been achieved. Both MSTR and its perpetual shares have been hurt by MSCI’s decision to classify Strategy as a “non-operating business” and remove it from its Global Investable Market Indexes. The reporting of an $8 billion loss in Q2 had also caused significant declines. Strategy is set to release its Q3 earnings on October 29.
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