Strategy’s STRC regains $100, potentially paving the way for more Bitcoin accumulation.

STRC, the perpetual preferred equity issued by Strategy (MSTR), climbed back to its $100 par value in Wednesday’s U.S. session, marking its first return to that level since mid-January even as bitcoin remains under pressure.

The move is notable because trading at or above par allows Strategy to reactivate its at-the-market (ATM) issuance program for STRC, a funding channel the company uses to support additional bitcoin purchases. The preferred shares last reached $100 on Jan. 16, when bitcoin was trading close to $97,000. As the cryptocurrency later fell to around $60,000 on Feb. 5, STRC dropped to roughly $93 before rebounding alongside broader market stabilization.

STRC is structured as a short-duration, high-yield instrument and currently carries an 11.25% annual dividend paid monthly. Strategy resets the dividend rate each month to help anchor the shares near par value, most recently increasing the payout to maintain the 11.25% yield.

Meanwhile, MSTR common shares declined 5% on Wednesday, closing at $126, as bitcoin traded near $67,500.