Markets were not entirely reassured and Strategy has since paused the at-the-market program through which it issues STRC (after the security slid well below the $100 level it was engineered to hold).
The cash-flow critique pushes back on that optimism because even if the coupon is covered today, the gap between dollar obligations and software revenue widens each time the company issues fresh preferred shares to cover the last round.
The Yield Problem at the Center
