Michael Saylor‘s (NASDAQ:STRC) dropped below $89.50 Wednesday as crypto analyst DonAlt called Strategy Inc.’s

"The death-spiral story assumes that Strategy is one bad week from selling bitcoins, and it skips several steps to get there," said Benchmark.

Benchmark and TD Cowen on Monday pushed back against death spiral fears surrounding Strategy Inc. (NASDAQ:MSTR) as the stock surges 8% on Bitcoin&#

"Saylor put out a video talking about his yield with STRC...it was making it out that there is no risk involved," says Ward.

Bitcoin Policy UK Director Susie Violet Ward accuses Michael Saylor of misleading investors about STRC risks, Strategy's perpetual preferred stock yielding

Strategy's bitcoin-backed preferred stock remains well below par value as concerns over dividend coverage and stronger competition from Strive's SATA.

The slide has paused the above-par share sales Strategy uses to fund bitcoin purchases, and it is the same stock whose dividends forced the company's first BTC sale this month.

Michael Saylor‘s (NASDAQ:STRC) dropped below $89.50 Wednesday as crypto analyst DonAlt called Strategy Inc.’s

Everyday investors that own Strategy’s STRC have been drawn to double-digit yields, but the preferred stock’s volatility has shaken some.