Jiang Zhuoer: MSTR faces no forced liquidation risk, but its financing model and the STRC depegging indicate a bleak outlook

Jiang Zhuoer stated that MSTR holds $55 billion in BTC and needs to pay $1.7 billion STRC dividends annually; selling BTC can cover dividends for 32 years. STRC is preferred stock with no principal repayment required, so MSTR faces no liquidation risk and will not fail to pay dividends. Jiang Zhuoer believes this statement reflects pessimism about the market outlook. STRC has severely depegged and can no longer be refinanced. MSTR has relied on issuing additional common shares to purchase BTC in the past two weeks; when mNAV is less than 1, this results in losses and reduces the BTC per share, making it unsustainable on a weekly basis.