STRC Hits All-Time Low, Jiang Zhuo'er Weighs In
On the evening of June 25, 2026, Jiang Zhuo'er, founder of B.TOP mining pool, shared his personal view on STRC (Strategy's preferred stock) dropping to a historic low. The severe depeg of STRC—its price deviating significantly from underlying asset value—was interpreted by Jiang as a concentrated manifestation of panic among US stock market investors toward Bitcoin. He stated: "I expect Strategy will sharply reduce Bitcoin purchases in the coming months, or even stop buying, to conserve cash for paying STRC dividends."
Not Debt, but Preferred Stock: Why Insolvency Risk Is Minimal
Jiang specifically emphasized that investors should not anticipate a "big bomb" explosion at MSTR (Strategy's common stock) during the bear market bottom. He explained that STRC is preferred stock, not bonds; the company only needs to pay dividends, not repay principal. MSTR's current debt ratio stands at a mere 10%, which provides ample buffer even if Bitcoin prices drop considerably. The only extreme scenario that could trigger a liquidity crisis would be a Bitcoin bear market lasting over a decade—an event that has never occurred in history. Hence, Jiang believes MSTR carries almost no insolvency risk.
Implications for the Crypto Market and Investor Takeaways
Jiang Zhuo'er's commentary conveys two key messages. First, in the short term, Strategy's Bitcoin purchasing activity may shrink significantly, reducing buy-side pressure. This is not a bearish signal but a necessary adjustment for financial prudence. Second, investors must differentiate between the risk profiles of preferred stock and debt. The 10% debt ratio indicates Strategy employs extremely low leverage, capable of weathering substantial Bitcoin price declines. For crypto market participants, understanding the non-debt nature of preferred stock and the significance of the debt ratio can help avoid misjudgments during panic-driven sell-offs.