Strategy Preferred Stock STRC Falls Below Par, Multiple Pressures Highlight Bitcoin Treasury Product Cycle Risks

CoinFeed June 20 news, according to CoinDesk, the dividend-paying perpetual preferred stock STRC issued by Bitcoin treasury company Strategy has continued to decline recently, falling below the $100 issuance par value. The market is engaged in intense debate over the company's capital structure and dividend payment sustainability, with multiple negative factors gradually fermenting since May. The complete key timeline is as follows: May 14: STRC closed at $100 before the ex-dividend date, with Bitcoin price still holding above $80,000, but the market already showed selling pressure. During the same period, competitor Strive Asset Management launched SATA preferred stock, featuring a daily dividend mechanism and an annualized yield of 13%, creating a clear yield advantage over STRC and continuously diverting funds.