The specific vulnerability Ki Young Ju flagged is STRC, the centerpiece of Strategy’s fundraising machine. Formally known as the Variable Rate Series A Perpetual Stretch Preferred Stock, STRC launched in July 2025 and was engineered to trade near a $100 par value, with a monthly-adjusting dividend (currently 11.5%) meant to keep its price stable.
But the instrument seems to have wobbled a bit, recently sliding toward $85, down about 15% from par, after touching record lows (a move that challenges the trade-near-$100 promise underpinning the design). Ki Young Ju’s warning is that a long, dull market is exactly the environment in which a yield product like STRC strains.
Saylor Stays Defiant
