Strategy's STRC Becomes Largest Holding in Major US ETFs

Strategy’s preferred stock, STRC, has become the largest holding in three major U.S. preferred‑stock exchange‑traded funds – BlackRock’s iShares Preferred and Income Securities ETF (PFF), Virtus InfraCap’s Preferred Stock ETF (PFFA) and VanEck’s Preferred Securities ex‑Financials ETF (PFXF). The three funds together own about $756 million of STRC shares, placing the security ahead of holdings such as Boeing, Google and Oracle.

Despite the institutional demand, STRC continues to trade below its $100 par value, pricing around $85‑$87, roughly 13 % under par. The discount limits Strategy’s ability to raise additional capital for its Bitcoin‑acquisition strategy, as new issuances would generate less cash per share. Institutional ownership has risen sharply, with average positions climbing 105 % to roughly $3.5 million per institution between March and July, while retail ownership fell from 78 % to 71 %.

Co‑founder Michael Saylor announced the milestone on X, describing it as evidence that “digital credit” products are moving into the institutional mainstream. CEO Phong Le highlighted the shift toward institutional investors as a sign of growing adoption of Strategy’s Bitcoin‑linked securities.