Odaily reported that Susie Ward, CEO of Bitcoin Policy UK and a Bitcoin supporter, criticized the way Michael Saylor has promoted STRC. Ward said that although she is also a Strategy shareholder, she is concerned that Saylor’s presentation of the product does not sufficiently explain the risks attached to it.
Ward questions how STRC returns were presented
According to Ward, Saylor’s video presentation of STRC returns gave the impression that the product carried “no risk.” She described that style of communication as “dishonest.” Her criticism focused on the way the yield was shown to viewers without what she considered an adequate explanation of the product’s risk profile.
STRC is a perpetual preferred stock issued by Strategy. It offers an 11.25% dividend yield. The instrument is part of Strategy’s financing structure rather than ordinary equity, and Ward’s comments centered on whether investors are being given enough context to understand what sits behind that high dividend yield.
Preferred stock financing tied to BTC accumulation
Strategy raises funds by selling this type of preferred stock and uses the proceeds to continue buying Bitcoin. The financing therefore serves the company’s long-term BTC accumulation strategy, linking STRC to Strategy’s broader approach of building its Bitcoin holdings over time.
Ward said she is especially concerned that investors may underestimate the structural risks behind the model of using high-dividend preferred stock financing to buy Bitcoin. Her comments are notable because she identified herself as both a Bitcoin supporter and a Strategy shareholder, while still objecting to the way the product’s risks were communicated.