Sewer Terminal

Michael Saylor's $STRC is BLEEDING STRC is a preferred share Strategy issues that's designed to trade at $100 Right now it's down to $84, below the $90 it even launched at Buyers now demand a 13.7% yield to hold something built to pay 11.5%, and that gap is just pure market pricing The way they hold it near par is simple: when the price drops, they raise the dividend to pull buyers back in That worked while it stayed near $100 The problem is the cost. STRC already pays out over $1 BILLION a year That money comes from selling new STRC at par, or selling MSTR common at a premium, then using the cash to cover the dividends Both only work while the market is willing to pay up Now that STRC sits well below par, they've paused issuing it, and the same pressure eats into the premium on MSTR That leaves the $1.1 billion cash reserve, and selling Bitcoin, the one move Saylor swore he'd never make, which already started last month From here his options are thin Bitcoin pumping on its own reopens everything, but that's out of his hands Or an outside bailout, a sovereign or institution taking a massive stake Everything he actually controls just feeds the doom loop The most aggressive Bitcoin buyer alive now has to sit and wait for Bitcoin to save him