$88.59 STRC breaks the BTC treasury flywheel: the instrument meant to print low-vol credit near par now forces higher carry while making fresh issuance uneconomic. SATA’s own filing targeted a $95-$105 range and seeded 12 months of dividends; a forced-leverage puke into the low 80s turns that reserve into a confidence buffer, not a magic floor. If these preferreds become mark-to-market collateral instead of yield products, the next spillover is slower BTC accumulation from both Strategy and Strive, because selling common at depressed prices murders the bitcoin-per-share narrative.

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