Just the other day, we talked about the topic of $STRC and $SATA. These types of preferred stocks with dividends do not derive their dividends from their own performance, but are related to the price of Bitcoin. However, the risks involved are more complicated.

If Bitcoin drops, there is a possibility of decoupling, even if it might bounce back to $100, the timing and cycle are hard to guarantee. The return is only 11.5% annualized, and when the price of $BTC rises, these stocks cannot fully enjoy the benefits of that rise.

This leads to a situation where with Bitcoin's decline, $MSTR faces financing difficulties. On one hand, $STRC might face no dividends, and on the other hand, it might have to sell off its Bitcoin inventory. Moreover, $STRC also faces the triple blow of decoupling itself. When Bitcoin rises, $STRC can only enjoy an 11.5% return.

I personally feel the risks are not proportional to the returns. They both rely on the price increase of Bitcoin, but once $MSTR falls into a trust issue, both $MSTR and $STRC will accelerate their decline. However, when Bitcoin rises, $MSTR will rise at a faster rate, but it has nothing to do with $STRC, which can only continue to receive an annualized return of 11.5%.

In simple terms, the downside could lead to a zero value, while the upside is at most 11.5% annualized. In my opinion, this trade seems a bit unwise.

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