Behind STRC’s de-pegging, Bitcoin’s biggest “dead bull” has finally shown its tail.

Have you ever seen a company say, with full confidence, “I can sell you assets to pay you interest”?

I have. Just yesterday.

Strategy’s preferred stock STRC fell to $89, the lowest since its IPO. The yield skyrocketed to 12.9%. What is the market panicking about? That it can’t afford to pay the interest.

Then the company said:

“BTC can be sold to pay dividends for 32 years.”

What has Saylor said in recent years? “Bitcoin is a perpetual asset.” “We will never sell.” Again and again—like a mantra.

So what happened? Once the preferred shares fell and liquidity tightened, the mouth said no, but the body was honest: selling coins to pay interest became an open option.

Jiang Zhuoer said that MSTR has no liquidation risk from leverage. But the issue has never been “whether it will get liquidated”—it’s:

“When a company puts ‘selling coins to pay interest’ on the table, how much faith is left in its beliefs?”

Saylor’s entire model rests on one premise: BTC will always go up, and it will never be sold. Now the question is: if BTC moves sideways for two years, will it be sold or not?

“The biggest dead bull in the crypto world may eventually be forced into becoming a coin-selling machine by dividend yields.”

STRC’s effective yield is 12.9%. If BTC doesn’t rise or fall, how many coins would have to be sold each year to fill this hole? 32 years? That’s a static calculation. What if BTC drops to $50k? $40k? Will it still be enough to cover payments for years?

This Strategy setup, in essence, is using BTC’s upside to smash through and cover the preferred stock’s fixed costs. In a bull market, it’s brilliant. In a bear market, it becomes a negative loop.

Once BTC gets stuck in long-term consolidation, STRC’s yield will drain the company’s cash flow—bit by bit, until it’s emptied. By then, Saylor’s “we’ll never sell” will turn into “having no choice but to sell.”

STRC’s de-pegging isn’t just about one stock. The alarm it rings is this: any derivative with BTC as the underlying asset carries this paradox.

MicroStrategy preferred stock, Bitcoin ETFs, BTC-collateralized loans… as long as interest must be paid and costs must be covered, there will always come a day when you’re faced with the choice of “selling coins for cash.”

In a bull market, everyone’s doing fine. What about when it stays sideways for two years?

“Institutions entering the market aren’t here to catch you when you fall—they’re here to tell you a more complex story. And complex stories often end with something far more brutal.” #我的Gate交易时刻 #TradFiCFD黄金大师赛 #Gate现货交易量增幅全球第一 $BTC $ETH $SOL