From a bond buyback and dwindling cash reserves to a bitcoin bear market, the sequence of events that turned STRC's par-value challenge into a marketwide debate.

Strategy’s STRC preferred shares slumped as analysts warned investors want dividends, not more Bitcoin purchases.

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.