The focus of market disagreement is not that Strategy cannot pay dividends at the moment, but rather the comprehensive risk discount due to its Bitcoin reserves, high-leverage financing model, and on-chain yield products competing with it. It is worth noting that after the de-anchoring yesterday, some KOLs expect Michael Saylor to be forced to sell Bitcoin to stabilize the STRC price, which echoes his initial statement at the early May earnings call that he might sell coins to pay dividends.

The second point is that when the STRC price falls below its issuance price ($90) and moves away from par value, the cost for Strategy to refinance by issuing new shares has become extremely high, directly weakening its key ability as a "marginal buyer in a bull market." The market is testing the vulnerability of this sophisticated financial structure.
The de-anchoring of STRC early this morning caused it to drop to $82.7, with a closing price of $88.8.
On June 19, according to market data, Strategy (MicroStrategy) issued the "Stretch" variable-rate perpetual preferred stock STRC experienced a severe de-anchoring, hitting a recent low of $82.7 early this morning, with a closing price of $88.8.
It is reported that STRC is a preferred stock Strategy uses to finance the purchase of Bitcoin in the market, roughly anchored at a face value of $100, paying higher dividends, with the dividend rate adjusted based on the price situation, aiming to keep it trading as close to par as possible. The significant de-anchoring of STRC indicates that the market demands higher yields and also reflects a decline in investors' confidence in its credit/dividend stability. Strategy previously relied heavily on issuing STRC to finance Bitcoin purchases; if the STRC price falls below par, issuing new STRC becomes unprofitable, effectively increasing the cost of borrowing. Therefore, its "continued Bitcoin buying capacity" will be weakened. $STRK