Arkham: STRC price drop won't trigger liquidation, but long-term could erode Strategy's financing ability

CoinFeed June 26 news, according to Arkham analysis, Strategy's STRC perpetual preferred stock has depegged, falling about 25% from par value to $76.2, with an annual dividend rate of 11.5%, requiring approximately $1.2 billion in dividend payments per year. Arkham emphasized that Strategy has no legal obligation to pay these dividends, and if the company gets into trouble, it does not need to prioritize STRC shareholders. Unlike Terra LUNA, the STRC price drop will not trigger liquidation; its price merely reflects market concerns about Strategy's ability to pay dividends and future fundraising. The current drop stems from investor doubts about the sustainability of dividend payments, rather than a structural collapse risk. Arkham believes this will not directly bring down the company, but in the long term it may erode investor confidence—if the market thinks new financing is only used to pay old shareholders, future financing capability will be weakened.