Mars Finance News, since Strategy launched the Bitcoin financing tool STRC, Bitcoin has fallen about 40%, with STRC breaking below its $100 face value, sparking market discussions about the sustainability of Michael Saylor's Bitcoin "flywheel" model. Strategy currently holds over 846,000 BTC, but recent buying speed has noticeably slowed. Data shows that in the week ending June 8, the company increased its holdings by 1,550 BTC, worth about $101 million; in the week ending June 15, it added another 1,587 BTC, worth about $100 million. In comparison, in April 2026, it bought 34,164 BTC in a single week, totaling $2.54 billion, but recent capital spending has noticeably declined. Meanwhile, Strategy previously sold 32 BTC to pay dividends, though the scale was very small relative to its overall holdings, the market believes this indicates that when STRC financing efficiency declines, the company's cash flow pressure may increase. STRC was originally designed as a preferred stock instrument trading close to its $100 face value, attracting investors through dividend adjustments and helping Strategy raise funds to buy Bitcoin. Currently, STRC's price has fallen to a historic low, once dropping to $82.53, then closing at $88.59, about 13% below face value. Critics argue that the price falling below face value indicates that Strategy's financing channels are under pressure. Long-term Bitcoin critic Peter Schiff said STRC "is like a typical centralized Ponzi scheme," believing that the model relies on continuous financing or selling Bitcoin to sustain itself. Crypto trader DonAlt also questioned recent STRC trends, saying its trading performance resembles a "Ponzi scheme." However, some analysts believe that the decline in STRC is more due to margin liquidations rather than deterioration of Strategy's fundamentals. STRC had previously maintained a price around $99 to $100 for a long time, attracting investors to use leverage trading; once the price broke key levels, forced liquidations were triggered, exacerbating the decline. Analyst Scott Melker pointed out that the current yield of STRC has actually increased due to the discount. Since dividends are calculated based on a $100 liquidation priority, if STRC is priced at $90, the annualized dividend of 11.5% corresponds to an actual yield of about 12.8%; if the price drops to $85, the yield can exceed 13%. Strategy is expected to announce the next STRC dividend adjustment around June 30. The market is currently focused on whether the STRC discount will persist and whether Strategy's model of continuously raising funds through capital markets to increase BTC holdings can remain stable.

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STRC drops below face value, sparking market controversy; Strategy’s Bitcoin financing flywheel faces a test

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