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#WarshDebutsAsFedHoldsRatesSteady
Michael Saylor Admits Designing STRC Preferred Stock Using ChatGPT Assistance
An old interview video of Michael Saylor has resurfaced widely on social media following a sharp decline in Strategy Inc's (STRC) preferred stock. In the exclusive interview with CoinDesk recorded on December 19, 2025, Saylor admits that he designed the preferred stock structure using ChatGPT assistance. The stock called "Stretch," which was designed to stay stable at $100, briefly dropped to $83 on Thursday, June 18, before moving back up to $88 when this article was published.
This price drop directly impacted Strategy Inc's main engine for accumulating Bitcoin. The mechanism is quite simple; when STRC's price is above $100, the company issues new shares to raise fresh funds to buy Bitcoin. However, once the stock price falls below $100 like now, the share issuance process automatically stops, causing the capital to buy Bitcoin to dry up instantly amid a dividend bill of $1.7 billion.
This liquidity condition eventually sparked market speculation that Strategy might sell its Bitcoin reserves to cover dividend obligations. This move is seen as the most realistic way out if the company's valuation ratio continues to decline due to the weakening trend of Bitcoin's price, currently around $63,000, which also puts pressure on the AI-created preferred stock instrument.