According to Cointelegraph, as cited by ChainCatcher, Bitcoin has declined by about 40% since Strategy introduced STRC, its Bitcoin financing instrument. STRC has now fallen below its $100 issue par value, bringing renewed discussion around the sustainability of Michael Saylor’s Bitcoin “flywheel” model. Strategy currently holds more than 846,000 BTC, but its recent purchase pace has slowed noticeably, shifting attention to the company’s financing efficiency, dividend obligations and ability to keep adding Bitcoin through capital-market instruments.
Recent Bitcoin Purchases Are Far Smaller Than Earlier Peaks
Data cited in the report shows that Strategy added 1,550 BTC in the week ending June 8, worth about $101 million. In the week ending June 15, the company bought another 1,587 BTC, worth about $100 million. These purchases show that Strategy has continued accumulating Bitcoin, but the scale of recent capital deployment is much smaller than during earlier periods.
By comparison, in a single week in April 2026, Strategy bought 34,164 BTC for a total of $2.54 billion. Against that earlier figure, the recent weekly purchases of roughly $100 million each represent a significant slowdown. At the same time, Strategy previously sold 32 BTC to meet dividend obligations. While that amount is extremely small relative to its overall holdings of more than 846,000 BTC, market participants have treated the sale as a sign that cash-flow pressure can rise when STRC’s financing efficiency weakens.
STRC’s Discount Raises Questions Over the Funding Channel
STRC was originally designed as a preferred-stock instrument intended to trade close to its $100 par value. Strategy uses dividend adjustments to attract investors, while the proceeds help the company raise funds to purchase Bitcoin. STRC has now dropped to a record low, at one point falling to $82.53 before closing at $88.59, around 13% below par. Critics argue that the drop below par shows Strategy’s financing channel is under pressure.
Longtime Bitcoin critic Peter Schiff described STRC as “like a typical centralized Ponzi scheme,” arguing that the model depends on continued financing or Bitcoin sales to keep operating. Crypto trader DonAlt also questioned STRC’s recent price action, saying it traded in a way similar to a “Ponzi scheme.” However, the report also noted an alternative view: STRC’s decline was driven more by leveraged liquidations than by deterioration in Strategy’s fundamentals. STRC had previously stayed near the $99 to $100 range for an extended period, attracting investors who used leverage. Once the price broke below a key level, forced liquidations were triggered, worsening the decline.
Discount Lifts Yield as Dividend Adjustment Date Approaches
Analyst Scott Melker pointed out that STRC’s current yield has risen because of the discount. Since dividends are calculated based on the $100 liquidation preference, a STRC price of $90 would turn an 11.5% annual dividend into an effective yield of about 12.8%. If the price falls to $85, the yield can exceed 13%. Strategy is expected to announce the next STRC dividend adjustment on June 30. Whether STRC’s discount persists, and whether Strategy can keep relying on capital-market financing to continue adding BTC, remain central questions in the current debate.