STRC是否是“下一个LUNA”？并不相似，但风险已反映为折价

Odaily reports that Arkham has published an analysis pointing out that Strategy's preferred stock, STRC, has experienced significant de-pegging, with its current price around $76.2, representing a discount of approximately 25% from its $100 par value. STRC is a perpetual preferred stock with an annualized dividend yield of about 11.5%. A total of approximately 104.89 million shares have been issued, corresponding to an annual dividend cost of roughly $1.2 billion. As of this Monday, Strategy held approximately $1.4 billion in cash reserves on its balance sheet.

Unlike the Terra (LUNA) mechanism, there is no structural risk of "forced liquidation" for Strategy or its founder Michael Saylor. The price of STRC more so reflects market expectations regarding the sustainability of future dividends, rather than a forced liquidation mechanism. Legally, STRC dividend payments are not an obligation. Therefore, if the financing environment deteriorates, the company could choose not to maintain dividends, thereby avoiding a structural collapse similar to a "death spiral."

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

Arkham states that this mechanism does not directly threaten Strategy's survival. However, in the long term, if the high dividend payouts rely on continuous capital market financing, it could affect the attractiveness of raising new funds for MicroStrategy's common stock, $MSTR.