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Strategy's preferred stock STRC hit a historic intraday low of $84.88 on June 18, about 15% below its $100 par value. The mechanics matter here. STRC is one of Strategy's main capital-raising tools, paying ~11.5% annual dividends. When it trades below par, Strategy pauses its ATM share issuance, limiting its ability to raise fresh capital for BTC purchases. Combined with STRK, the company carries roughly $1.5B in annual dividend obligations. To cover those costs, Strategy sold 32 BTC in late May for $2.5M, disclosed on June 1, its first Bitcoin sale since 2022. Saylor framed it as an "inoculation," proof that the company can meet obligations without stress. His math: selling just 1.4% of holdings can fund dividends indefinitely. The bear case is a feedback loop: STRC below par limits capital raises, dividend pressure grows, more BTC gets sold, BTC price softens, STRC falls further. Peter Schiff has called this a potential death spiral. The bull case: Strategy holds 846,842 BTC. One meaningful BTC rally resets the entire picture. The context worth watching: · Market cap at $39.92B, out of the US top 250 · Floating BTC losses exceeding $10.8B · 63% Polymarket odds of MSCI delisting by year-end Do you still trust Saylor's bet, or has this changed your view? #STRCHitsHistoricLow