Strategy's STRC Falls to Record Low, Squeezing a Bitcoin Funding Channel - "The Defiant"

Strategy's STRC preferred stock drops to record low near $85

Strategy's STRC preferred stock collapsed to $85 from $90 launch, with an 11.50% dividend unable to sustain the $100 par value. The failure reveals the trap: $6.7B debt means ATM equity sales fund dividends, not growth—financial engineering becomes the bottleneck.