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Perspective: STRC depegs to $73; MSTR may enter a “preserve interest first” phase.
Concerns about "systemic risk" (such as FUD) in the market have been amplified. Theoretically, Strategy can still raise funds by issuing additional common shares, but in an environment where mNAV < 1, such issuance would reduce the amount of BTC per share, making it a "dilutive financing method" and thus considered a high-cost operation.
Jiang Zhuo'er added that over the past three weeks, Strategy has used this financing method multiple times: in the first two weeks, part of the funds were used to purchase approximately 1,500 BTC, while in the third week, although the scale of the issuance increased, the amount of BTC purchased dropped to about 520 BTC, with most of the funds being used to maintain STRC dividend payments.
Based on this, the company's short-term strategy has clearly shifted to "prioritizing STRC interest payments," meaning that the pace of BTC accumulation may slow significantly in the coming months, or even temporarily halt purchases. However, STRC is essentially a preferred stock rather than a debt instrument, so there is no forced liquidation mechanism; Strategy's overall debt ratio is about 10%, and as long as BTC does not enter a long-term deep bear market, the probability of a "blow-up risk" is relatively low. (Source: ODAILY)