Saylor is playing a big game here, buying preferred shares below face value, betting that the Bitcoin narrative can sustain the valuation.

CEO of Strategy, Phong Le, announced a $1 million purchase of STRC preferred stock, despite the price being below the $100 face value, with plans to hold until it recovers to or above face value. After the disclosure, STRC's stock price rose 1.46%, closing at $89.20. STRC is critical in the company's Bitcoin acquisition model, and the stock price below face value weakens the ability to raise new capital through issuing new shares. Market concerns about the sustainability of its financing structure have intensified. Strategy Executive Chairman Michael Saylor defended the Bitcoin capital model, stating that its Bitcoin and cash holdings exceed $48 billion in debt. Strategy also disclosed that its dollar reserves increased to $1.4 billion to support the credit quality of digital credit securities.