STRC是否是“下一个LUNA”？并不相似，但风险已反映为折价

Odaily reported that Arkham's analysis pointed out that Strategy's preferred stock STRC has significantly depegged, currently trading at approximately $76.2, a discount of about 25% from its $100 par value. STRC is a perpetual preferred stock with an annualized dividend yield of approximately 11.5%, with a total of approximately 104.89 million shares issued, corresponding to an annual dividend cost of about $1.2 billion. As of Monday, Strategy holds approximately $1.4 billion in dollar reserve funds on its balance sheet.

Unlike the Terra (LUNA) mechanism, Strategy and its founder Michael Saylor do not face the structural risk of being "forced to liquidate." The price of STRC more reflects market expectations regarding the sustainability of future dividends rather than a forced liquidation mechanism. STRC dividend payments are not a legal obligation; therefore, if the financing environment deteriorates, the company can choose not to maintain dividends, thereby avoiding a structural collapse similar to a "death spiral."

The current decline in STRC is believed to primarily stem from market concerns about future financing capabilities, dividend sustainability, and the opportunity cost of capital, rather than an immediate solvency crisis.

Arkham stated that this mechanism does not directly threaten Strategy's survival, but in the long run, if high dividends rely on sustained capital market financing, it may affect the attractiveness of new capital for MicroStrategy's common stock, $MSTR.