#STRCHitsAllTimeLow Saylor's flywheel breaking down? Why #STRCHitsAllTimeLow — is an alarm bell for the entire market

As Bitcoin tests the psychological mark below $60,000, a real drama is unfolding in the MicroStrategy (Strategy) ecosystem. The hashtag #STRCHitsAllTimeLow is rapidly gaining traction, and not without reason. The company's perpetual preferred shares (STRC), which were used as the main tool for aggressive BTC accumulation, have collapsed to an all-time low — in the range of $71–$74.
To understand the scale: the face value of these shares is $100. The current decline means the instrument is trading at a huge discount of about 26-28% to its nominal value. The "anchor" that investors were counting on has been torn away.
Why is this happening right now?
Dividend doubts: STRC promises a yield of 11.5% per annum, which requires Michael Saylor to make payouts of about $1.2 billion annually. Given the current prolonged decline of BTC, investors are starting to wonder: where will the company get this money if the capitalization flywheel starts to stall?
Pressure from unrealized losses: Against the backdrop of the crypto market decline, hidden margin risks and billions in unrealized losses from fair-value accounting are beginning to scare conservative equity investors.
Legal pressure: The situation is exacerbated by the news that Rosen Law Firm has launched an investigation into the disclosure of risks and profitability of MicroStrategy.