STRC is a preferred stock, not a bond. So MSTR will not liquidate it at a price of $100 The funniest thing is that on the STRC official website, it is clearly stated that the dividends of STRC can be adjusted at any time every month, and may be significantly reduced, and even cash dividends cannot be guaranteed to be paid! That is to say, in the event of a cash flow crisis in MSTR, STRC may cease operations at any time, which could lead to a negative spiral The STRC price of $100 is just the expected price given by MSTR company. Originally, the price was lowered and the dividend was increased to bring the STRC price back to around $100 There is a hint of algorithmic stablecoin flavor The most important issue at this level is the crisis of trust If the market believes that STRC cannot pay dividends, the stock price of STRC will enter a downward spiral, and if STRC is unable to increase dividends, it will be even more difficult for STRC to recover to the $100 price level The only way for MSTR company to survive is that BTC prices will always rise, and MSTR has enough premium to easily raise funds Against the backdrop of BTC entering a downward cycle, the MSTR premium has been eliminated, financing is difficult, and high monthly dividends have to be paid. Even MSTR has been purchasing BTC before, consuming its already insufficient cash flow, which has exacerbated the MSTR crisis Currently, STRC is rapidly declining and appears to be cheap, offering high dividends and even a price that can rebound to $100 But there are traps everywhere, cash outflow problems, trust crisis, and the possibility of suspension at any time, coupled with further decline in stock prices