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06/20 05:55

Saylor’s Bitcoin Money Machine Has a New Problem,

#World Cup Predictions: 100,000 USDT Daily Saylor’s Bitcoin Money Machine Has a New Problem, and Its Name Is STRC Michael Saylor turned Strategy into the largest corporate Bitcoin holder on earth by mastering one trick: raising money on Wall Street to buy $BTC. A key piece of that machine is a security called STRC, engineered to trade steadily near $100. This week it broke, hitting a record low, and it has put a spotlight on the financial engineering behind Saylor’s Bitcoin empire. Strategy’s STRC, a variable-rate preferred stock designed to hover near $100, instead flirted with a fresh intraday low this week, printing levels well below its target (Bitcoin price on CoinGecko). For a security built specifically to stay stable, that is a notable break, and it raises questions about the funding engine behind Strategy’s massive Bitcoin accumulation. How Saylor’s Bitcoin machine works Strategy, formerly MicroStrategy, holds over 846,000 $BTC, making it the largest corporate Bitcoin holder in the world. It did not buy all that Bitcoin with its software profits. It built a financial machine that raises capital from investors, through stock sales, convertible notes, and preferred securities like STRC, and uses the proceeds to buy more $BTC. STRC is a specific gear in that machine. It is a variable-rate preferred stock engineered to trade near a stable $100, paying a dividend that Strategy adjusts to keep the price steady. The appeal to investors is a relatively stable, income-generating instrument. The appeal to Strategy is access to capital it can deploy into Bitcoin. Why the plunge matters When a security designed to stay near $100 instead drops to record lows, it signals stress in that funding mechanism. A few things flow from it. First, it can raise Strategy’s cost of capital. If investors demand a higher yield to hold STRC, funding future Bitcoin purchases gets more expensive. Second, it dents confidence in the financial engineering that underpins the whole strat

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