Will MicroStrategy @Strategy become the next LUNA?

First, the conclusion: No.
Last night, STRC continued to break its par value, closing at $75, with a discount of about 25% to face value. Can Michael Saylor and Strategy hold on?
Simply put, STRC is a perpetual preferred stock with a par value of $100 and approximately 104.89 million shares in circulation. Based on an 11.5% dividend, Strategy needs to pay about $1.2 billion in dividends annually.
🔸Currently, Strategy holds about $1.4 billion in USD reserves, which seems insufficient to sustain both "buying Bitcoin and paying interest" over the long term.
⚠️However, many people don't know that Strategy has no legal obligation to pay this dividend!
In other words, if operations come under pressure, Strategy can completely suspend or reduce dividends without breaking the law!
This is the biggest difference between STRC and LUNA. Once LUNA enters a death spiral, it faces a liquidity crisis and price collapse. But a drop in STRC's price does not force Strategy into liquidation.
In other words, the price of STRC essentially reflects the market's confidence in Strategy's ability to continue paying dividends. A price drop only makes financing more difficult, not cause Strategy to collapse.
🔸So, STRC is more like a test of market confidence, not the next LUNA.
But in the long run, if Strategy chooses to cut or suspend interest payments, its future financing credit will decline indefinitely, and STRC's liquidity will drop to zero. So they won't do it lightly.
But if they are forced to do so, it will be the STRC investors who pay the price — sacrificing their principal for the sake of high interest.
🚨A bit like anti-fraud propaganda: Beware of high-interest temptations, stay away from high-interest traps.