When STRC dropped to $75, holders’ mindset must have broken. Now they’re saying that they might sell BTC to maintain the dividends—Strategy’s narrative logic has completely changed. It’s gone from a one-way buyer to a two-way contest, and I’m familiar with the script where institutional funds step in to pick up the bag.

Bitwise Chief Investment Officer Matt Hougan stated in a memo that Strategy’s (MSTR) perpetual preferred stock STRC has been volatile due to deleveraging. STRC raised funds at nearly $100 to buy BTC, but subsequent declines in BTC and MSTR sparked dividend concerns, with the stock price falling to around $75. Hougan pointed out that Strategy may periodically sell BTC in the future to maintain dividends, meaning its phase as a one-way buyer of BTC may be over, and future BTC buyers may shift to institutional capital.