Is STRC the 'next LUNA'? Not similar, but the risk has been reflected as a discount Odaily Planet Daily News: Arkham analyzed in an article that Strategy's preferred stock STRC has experienced significant detachment, with a current price of about $76.2, a discount of about 25% from its face value of $100. STRC is a perpetual preferred stock with an annualized dividend of approximately 11.5%, issuing approximately 104.89 million shares, corresponding to an annual dividend cost of approximately $1.2 billion. As of Monday this week, Strategy holds approximately $1.4 billion in reserve funds on its books. Unlike the Terra (LUNA) mechanism, Strategy and its founder Michael Saylor do not have a structural risk of "forced liquidation", and the STRC price reflects more market expectations for the sustainability of future dividends rather than a forced liquidation mechanism. STRC dividend payment is not a mandatory obligation at the legal level, so if the financing environment deteriorates, the company can choose not to maintain dividends to avoid a structural collapse similar to a "death spiral". The current decline in STRC is believed to be mainly due to market concerns about future financing capacity, dividend sustainability, and opportunity cost of funds, rather than an immediate repayment crisis. Arkham stated that this mechanism will not directly threaten the survival of Strategy, but in the long run, if high dividends rely on continuous capital market financing, it may affect the attractiveness of MicroStrategy's common stock MSTR for new funding.