Strategy’s STRC perpetual preferred shares continue to trade below their $100 par value, even after the bitcoin treasury company has spent hundreds of millions of dollars buying them back.

Strategy has deployed $635.2 million on STRC repurchases under a $1 billion authorization. The shares recently changed hands at around $97.34, recovering substantially from a low of roughly $71.

The company has stepped up its purchases as STRC has moved closer to par. Strategy’s latest repurchase was worth $151.8 million, with an average price of $97.48 per share.

The company has simultaneously restarted its Bitcoin buying program following a two-month pause. Strategy purchased 4,603 BTC for $369.7 million last week, at an average cost of about $80,000 per coin. Its total holdings have increased to 845,050 BTC, worth roughly $65.9 billion.

STRC is also competing with Strive’s SATA preferred stock, which offers a higher annualized dividend of 13%, paid daily. STRC carries a 12% annualized dividend that is paid twice a month.

SATA has remained close to its $100 par value for more than a week. That has enabled Strive to continue selling shares through its at-the-market offering, with proceeds helping the company acquire 1,800 BTC during the past week.

The two companies have also taken very different paths in the common-stock market. ASST, Strive’s common stock, has gained around 60% this year, while MSTR has declined approximately 15%.

Strategy’s buybacks have helped STRC recover sharply from its earlier lows, but the preferred stock still sits below its $100 target. SATA’s higher dividend and steady trading around par have given it an edge over STRC in recent weeks.