Strategy's Preferred-Stock Discount Tests the Leveraged Bitcoin Treasury Model

STRC traded near 17% below its stated value after the company sold Bitcoin to fund dividends, exposing the strain in debt-and-preferred-funded accumulation.

The financing structure behind the largest corporate Bitcoin holder is under visible strain. STRC, the perpetual preferred stock issued by Strategy, the company chaired by Michael Saylor, traded as low as $82.61 on June 18 before recovering…