Is Strategy facing another class action lawsuit? Who is Rosen Law Firm? Is MSTR selling Bitcoin to survive? Is a BTC crash imminent?
The saying "when it rains, it pours" must be referring to Strategy. Over the past two days, the decline of bitcoin:native has received the most criticism not for Satoshi Nakamoto, but for Michael Saylor and his $MSTR as well as the preferred stocks including $STRC.
This is not the end of it; a law firm named Rosen Law Firm has also begun publicly soliciting for a class action lawsuit against Strategy.
This news looks quite frightening. The target of Rosen Law Firm's solicitation includes investors who have bought $MSTR, $STRF, $STRC, $STRK, and $STRD, with the investigation focusing on whether Strategy and its management made significant misleading statements regarding the company's business, Bitcoin treasury strategy, profitability, and the risks of leveraging Bitcoin purchases.
In simpler terms, the law firm is starting to look for people who bought securities related to Strategy and suffered losses, to see if they can organize a class action lawsuit around Strategy's public disclosures, financing structure, Bitcoin strategy, and risks of preferred stocks.
However, this matter must be clarified first; Rosen Law Firm's announcement soliciting investors does not equate to Strategy having committed fraud, nor does it mean Michael Saylor has broken the law, and it certainly does not mean MSTR is about to sell Bitcoin at a loss.
The operating model of U.S. securities litigation law firms is quite mature. When a company's stock price falls, related securities decline, investors suffer losses, and market controversy increases, law firms will publish announcements, open websites, and allow losing investors to fill out forms, collect trade records and loss information, and then determine if there is an opportunity to organize a formal lawsuit.
Although Rosen Law Firm is not just a random workshop posting trivial articles, this company is very active in the field of U.S. securities class action lawsuits and has indeed completed several settlement cases.
In just 2026, Rosen Law Firm has initiated investigations into over 30 class action lawsuits, with cases including PennyMac, Barclays, Lucid, BitGo, ADMA Biologics, Sportradar, Coty, and currently Strategy, all of which are under Rosen Law Firm's umbrella.
However, Rosen Law Firm is far from undefeated.
The U.S. securities class action lawsuit industry inherently has a high screening rate. In the class action lawsuits resolved throughout 2025, 155 were dismissed, and 79 reached settlements, with the number of dismissals nearly twice that of settlements. More critically, the probability of settlement before a motion to dismiss has been formally endured is far lower than imagined. Cases that can survive a motion to dismiss are then more likely to reach a settlement.
Rosen Law Firm has had its own cases dismissed by the courts. For example, in the Axsome case, the court approved the defendant’s motion to dismiss, only later allowing the plaintiff to submit a new amended complaint. Thus, Rosen Law Firm's announcement can only indicate that they see potential claims; it does not imply that Strategy is guilty, nor does it guarantee that they will win this time.
PS: Interestingly, Rosen also mentioned in this announcement regarding Strategy that past outcomes do not guarantee the same outcomes in the future.
Moreover, the distance from issuing the announcement for a securities class action lawsuit to actual results is quite far. It typically takes three to five years; there must first be a formal complaint, then determine the timeframe for investor losses, define which statements by Strategy misled the market, and whether there is a causal relationship between losses and those statements.
Additionally, there are further steps like appointing lead plaintiffs, motions to dismiss, discovery of evidence, and settlement negotiations, and dragging the entire process out for several years is very common. More importantly, many cases in U.S. securities class actions ultimately get dismissed; just because a law firm has issued an announcement does not mean the company necessarily has problems.
Therefore, the short-term impact of this Rosen situation is primarily on the emotions and confidence of short-term investors.
The market is already worried about Bitcoin's decline, MSTR's mNAV is close to or below 1, STRC has dropped below par, the cost of financing preferred stocks is rising, and the efficiency of ordinary stock ATM is declining. At this time, Rosen Law Firm's solicitation of investors is tantamount to further stoking an already fragile market sentiment.
It is not only fragile but also soft.
My interest in price study is not intense, and I do not intend to force my colleagues to be bullish on Bitcoin; I just feel that FUD does not help the current market at all. Whether you are shorting or going long, profiting from panic creation is somewhat unethical.
End.
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