[Strategy STRC Falls Below Par Value, Cash Reserves and Dividend Pressure Under Scrutiny] According to CoinDesk, the perpetual preferred stock STRC issued by Strategy fell to $97.11 at one point on Thursday, closing at $98.57, deviating from its $100 par value target and raising market concerns about its ability to sustain financing through ATM. The report states that after Strategy recently used $1.5 billion in cash to repurchase 0% convertible bonds maturing in 2029, its U.S. dollar cash reserves dropped from approximately $2.25 billion to $871 million, covering only about six months of its current annual preferred stock dividend obligation of roughly $1.7 billion—far below the originally set 24-month coverage period.