The tension between Saylor's Bitcoin conviction and shareholder cash dividends has finally been priced into the market; STRC falling below par value is a signal.

CryptoWorld News, reported by 99bitcoins, Strategy’s perpetual preferred stock STRC fell 3.58% on Tuesday, closing at $91.79, near its historical low and 8.2% below the $100 face value. This drop indicates a direct conflict between Michael Saylor’s Bitcoin treasury accumulation strategy and the company’s cash obligations to preferred shareholders. Although the company emphasizes that its nominal scale is growing at an annualized rate of about 350%, the market is clearly pricing in this conflict. Bitcoin has dropped 2.5% over the past 24 hours and is currently trading slightly below $65,000, with key support levels at $64,000-$65,000. If Bitcoin breaks below this level, it will lose most of its short-term gains.