Shenchao TechFlow news: On June 25, Jiang Zhuo'er said that the price of MicroStrategy's preferred stock STRC has significantly deviated from its face value, reflecting a decline in U.S.-listed stock funds’ risk appetite for Bitcoin. He believes that although MicroStrategy can still raise capital by issuing additional common shares, when the net asset value multiple per share is below 1, it will dilute the amount of Bitcoin held per share, at a relatively high cost.

In recent weeks, the company has carried out related financing operations for several consecutive weeks, and in the latest week the rate of Bitcoin buying has noticeably slowed. More funds may therefore be used to pay STRC dividends, indicating that it is taking a cautious view of the market outlook ahead. However, he also noted that STRC is a preferred stock rather than a debt instrument, and given the current low debt ratio, the likelihood of MicroStrategy encountering a major credit risk in the short term is limited.