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The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market about its capital structure and solvency. Key timeline events include: 
May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 
May 15: Strategy announced a buyback of $1.5 billion in 2029 convertible bonds at an approximately 8% discount. The market subsequently noted that the company's cash reserves in USD, intended for dividends and debt support, were used for this transaction. 
May 26: Strategy confirmed that cash reserves participated in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous goal was to maintain a coverage capability of about 24 months. 
June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following the announcement, MSTR's stock price fell by 5.9%. 
June 5: Bitcoin fell below $60,000, and STRC dropped to around $90. 
June 8: Strategy's shareholders approved changing STRC to pay dividends twice a month, while the company disclosed that its USD reserves had rebounded to $1 billion. 
June 15: Strategy purchased an additional 1,587 BTC, raising its USD reserves to $1.1 billion. 
June 18: STRC fell below $83 during trading, approximately 17% lower than the target price, reaching a new low since its listing in July 2025, ultimately closing at $88.59. 
Analysts believe that STRC's core challenge lies in its high-yield preferred stock structure being highly correlated with the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

[STRC Falls Below Par Value: A Review of the Timeline from Bond Buybacks to BTC Decline]The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market about its capital structure and solvency. Key timeline events include: 
May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 
May 15: Strategy announced a buyback of $1.5 billion in 2029 convertible bonds at an approximately 8% discount. The market subsequently noted that the company's cash reserves in USD, intended for dividends and debt support, were used for this transaction. 
May 26: Strategy confirmed that cash reserves participated in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous goal was to maintain a coverage capability of about 24 months. 
June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following the announcement, MSTR's stock price fell by 5.9%. 
June 5: Bitcoin fell below $60,000, and STRC dropped to around $90. 
June 8: Strategy's shareholders approved changing STRC to pay dividends twice a month, while the company disclosed that its USD reserves had rebounded to $1 billion. 
June 15: Strategy purchased an additional 1,587 BTC, raising its USD reserves to $1.1 billion. 
June 18: STRC fell below $83 during trading, approximately 17% lower than the target price, reaching a new low since its listing in July 2025, ultimately closing at $88.59. 
Analysts believe that STRC's core challenge lies in its high-yield preferred stock structure being highly correlated with the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

STRC Falls Below Par Value: A Review of the Timeline from Bond Buybacks to BTC Decline

The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market regarding its capital structure and solvency. Key timeline events include: 

May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 

May 15: Strategy announced a buyback of $1.5 billion in convertible bonds due in 2029 at an approximate 8% discount. The market then noted that the company's dollar cash reserves, intended for dividends and debt support, were used for this transaction. 

May 26: Strategy confirmed that cash reserves were involved in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous target was to maintain a coverage capability of about 24 months. 

June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following this announcement, MSTR's stock price fell by 5.9%. 

June 5: Bitcoin dropped below $60,000, and STRC fell to around $90. 

June 8: Strategy's shareholders approved changing STRC to a bi-monthly dividend payout, while the company disclosed that dollar reserves had risen to $1 billion. 

June 15: Strategy bought back 1,587 BTC, increasing dollar reserves to $1.1 billion. 

June 18: STRC fell below $83 during trading, approximately 17% below the target price, marking a new low since its listing in July 2025, ultimately closing at $88.59. 

Analysts believe that the core challenge facing STRC lies in its high-yield preferred stock structure being highly tied to the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

[STRC Falls Below Par Value: A Review of the Timeline from Bond Buybacks to BTC Decline]The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market regarding its capital structure and solvency. Key timeline events include: 

May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 

May 15: Strategy announced a buyback of $1.5 billion in convertible bonds due in 2029 at an approximate 8% discount. The market then noted that the company's dollar cash reserves, intended for dividends and debt support, were used for this transaction. 

May 26: Strategy confirmed that cash reserves were involved in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous target was to maintain a coverage capability of about 24 months. 

June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following this announcement, MSTR's stock price fell by 5.9%. 

June 5: Bitcoin dropped below $60,000, and STRC fell to around $90. 

June 8: Strategy's shareholders approved changing STRC to a bi-monthly dividend payout, while the company disclosed that dollar reserves had risen to $1 billion. 

June 15: Strategy bought back 1,587 BTC, increasing dollar reserves to $1.1 billion. 

June 18: STRC fell below $83 during trading, approximately 17% below the target price, marking a new low since its listing in July 2025, ultimately closing at $88.59. 

Analysts believe that the core challenge facing STRC lies in its high-yield preferred stock structure being highly tied to the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was attacked by an unidentified drone. (CCTV News)

[Sources: Residence of Iraqi Parliament Speaker Targeted by Drone Attack]On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was attacked by an unidentified drone. (CCTV News)

Sources: Residence of Iraqi Parliament Speaker Targeted by Drone Attack

On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was targeted by an unidentified drone attack. (CCTV News)

[Sources: Residence of Iraqi Parliament Speaker Targeted by Drone Attack]On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was targeted by an unidentified drone attack. (CCTV News)

Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH by purchasing the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

[Hyperliquid: All USDH-Priced Markets on HyperCore Have Completed Settlement]Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH by purchasing the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

Hyperliquid: All USDH-Priced Markets on HyperCore Have Completed Settlement

Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH through the purchase of the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

[Hyperliquid: All USDH-Priced Markets on HyperCore Have Completed Settlement]Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH through the purchase of the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

On June 21, Abdulla Banndar Al Eltaibi, a professor at Qatar University, stated that Iran is implementing a 'weekend strategy.' He said, 'This is a tactic often used by Trump in the past, aimed at preventing market reactions over the weekend. Therefore, they (Iran) are actually exerting maximum pressure on Trump and the mediators, using the Strait of Hormuz as leverage to negotiate arrangements concerning Lebanon. They hope for a complete cessation of hostilities within Lebanon as a condition for restoring passage through the Strait of Hormuz.'

[Scholar: Iran Adopts 'Weekend Strategy' Similar to Trump]On June 21, Abdulla Banndar Al Eltaibi, a professor at Qatar University, stated that Iran is implementing a 'weekend strategy.' He said, 'This is a tactic often used by Trump in the past, aimed at preventing market reactions over the weekend. Therefore, they (Iran) are actually exerting maximum pressure on Trump and the mediators, using the Strait of Hormuz as leverage to negotiate arrangements concerning Lebanon. They hope for a complete cessation of hostilities within Lebanon as a condition for restoring passage through the Strait of Hormuz.'

Scholar: Iran Adopts 'Weekend Strategy' Similar to Trump

On June 20, the IPO counseling public disclosure system on the official website of the China Securities Regulatory Commission (CSRC) showed that Yingrun Technology Co., Ltd. and its counseling broker Guotai Junan Securities submitted the 'Completion Report of Counseling Work' to the Shanghai Securities Regulatory Bureau. Yingrun Technology submitted its counseling filing on December 19, 2024, with the counseling process lasting a year and a half. The company is a fabless semiconductor chip design firm, primarily engaged in the design and supply of high-performance solid-state drive (SSD) controller chips, while also providing SSD and storage system solutions. Its products are widely used in fields such as cloud computing, artificial intelligence, data center management, and intelligent driving.

[Yingrun Technology Completes IPO Counseling]On June 20, the IPO counseling public disclosure system on the official website of the China Securities Regulatory Commission (CSRC) showed that Yingrun Technology Co., Ltd. and its counseling broker Guotai Junan Securities submitted the 'Completion Report of Counseling Work' to the Shanghai Securities Regulatory Bureau. Yingrun Technology submitted its counseling filing on December 19, 2024, with the counseling process lasting a year and a half. The company is a fabless semiconductor chip design firm, primarily engaged in the design and supply of high-performance solid-state drive (SSD) controller chips, while also providing SSD and storage system solutions. Its products are widely used in fields such as cloud computing, artificial intelligence, data center management, and intelligent driving.

Yingrun Technology Completes IPO Counseling

On June 20, the IPO guidance public announcement system on the CSRC website showed that Yingrun Technology Co., Ltd. and its guiding broker Guotai Junan submitted the 'Completion Report of Guidance Work' to the Shanghai Securities Regulatory Bureau. Yingrun Technology submitted its guidance filing on December 19, 2024, with the guidance work lasting for a year and a half. The company is a fabless semiconductor chip design firm, primarily engaged in the design and supply of high-performance solid-state drive (SSD) controller chips, while also providing SSD and storage system solutions. Its products are widely used in fields such as cloud computing, artificial intelligence, data center management, and intelligent driving.

[Yingrun Technology Completes IPO Guidance]On June 20, the IPO guidance public announcement system on the CSRC website showed that Yingrun Technology Co., Ltd. and its guiding broker Guotai Junan submitted the 'Completion Report of Guidance Work' to the Shanghai Securities Regulatory Bureau. Yingrun Technology submitted its guidance filing on December 19, 2024, with the guidance work lasting for a year and a half. The company is a fabless semiconductor chip design firm, primarily engaged in the design and supply of high-performance solid-state drive (SSD) controller chips, while also providing SSD and storage system solutions. Its products are widely used in fields such as cloud computing, artificial intelligence, data center management, and intelligent driving.

Yingrun Technology Completes IPO Guidance

On June 20, U.S. President Trump stated in a phone interview with NBC News that he spoke with Israeli officials earlier on Friday and requested that they agree to a ceasefire with Hezbollah. 'This is a positive development,' he said, 'it would be a nice addition.' He declined to reveal whether he spoke directly with Prime Minister Netanyahu.

[US Media: Trump Calls Israel on Friday, Requests Ceasefire with Hezbollah]On June 20, U.S. President Trump stated in a phone interview with NBC News that he spoke with Israeli officials earlier on Friday and requested that they agree to a ceasefire with Hezbollah. 'This is a positive development,' he said, 'it would be a nice addition.' He declined to reveal whether he spoke directly with Prime Minister Netanyahu.

US Media: Trump Calls Israel on Friday, Requests Ceasefire with Hezbollah

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Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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