Strategy preferred stock STRC closed at $89, with trading volume reaching $417.5 million

According to The Block, Strategy's preferred stock STRC closed at $89 on Wednesday, down 11% from its face value of $100 and hitting its lowest closing price since going public. Today's trading volume was $417.5 million. STRC currently pays an effective dividend yield of 12.9%, while competitor Strike's SATA traded above $99 on Wednesday with a dividend yield of 13.69%.