STRC recovers to $100, will funding also revive?… Bitplanet “Net issuance is the key”

Strategy’s variable-rate perpetual preferred STRC recovered to $100 intraday on Nov. 4, 2026, closing at $99.98 and nearly erasing the $25.43 gap from its June 26 close of $74.57 to its $100 dividend reference price. Bitplanet Research Lab cautioned in a Nov. 11 report that the price rebound does not yet confirm the funding channel is functioning, arguing that renewed issuance depends on net issuance rather than price alone. The distinction matters because Strategy has been buying back large amounts of its own shares, which can lift the price without proving outside investors will absorb new supply. The key metric to watch is net issuance—whether new STRC supply is actually placed with external buyers—as the signal that fundraising has normalized.