观点: STRC De-peg to $73, MSTR May Enter “Interest-First” Phase

Odaily reported that Jiang Zhuoer stated on X that Strategy’s preferred stock, STRC, has significantly de-pegged, hitting a low of approximately $73. This reflects the current panic sentiment in the US stock market towards Bitcoin (BTC)-related assets. Market concerns about “systemic risk” (such as FUD) have been amplified. In theory, Strategy could still raise funds by issuing more common stock, but in an mNAV < 1 environment, such issuance would dilute the BTC per share, making it a “dilutive financing method” and therefore considered a high-cost operation.

Jiang Zhuoer added that over the past three weeks, Strategy has employed this financing method multiple times. In the first two weeks, part of the funds were used to purchase approximately 1,500 BTC. However, in the third week, despite the larger issuance scale, the amount of BTC purchased decreased to about 520 BTC, as most of the funds were used to maintain STRC dividend payments. Based on this, it is believed that the company’s short-term strategy has clearly shifted toward “prioritizing STRC interest payments,” implying that the pace of BTC accumulation may slow significantly, or even halt temporarily, in the coming months. However, STRC is essentially a preferred stock, not a debt instrument, and therefore has no forced liquidation mechanism. With Strategy’s overall debt-to-equity ratio at roughly 10%, the probability of a “blow-up risk” is low as long as BTC does not enter a prolonged deep bear market.