STRC’s slide below par has revived Ponzi claims, slowed Strategy’s Bitcoin buys and sparked debate over whether Michael Saylor’s BTC flywheel is still fine.

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.

Strategy’s flagship preferred stock is facing pressure, but analysts say that's not yet an existential threat for the Bitcoin treasury giant.

Strategy's STRC preferred stock fell to a record low on Wednesday, constricting one of the main channels the largest corporate bitcoin holder uses to fund its purchases.

Strategy's preferred stock STRC hit an all-time low of $89 as trading volume spiked to 10.7 million shares, forcing a pause in its Bitcoin fundraising

STRC hit an intraday low of $82.53 before closing at $88.59, testing Strategy’s bitcoin-linked preferred stock model.

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.

STRC’s slide below par has revived Ponzi claims, slowed Strategy’s Bitcoin buys and sparked debate over whether Michael Saylor’s BTC flywheel is still fine.

Michael Saylor’s firm topped up its USD cash reserve to $1.4 billion as it made its smallest Bitcoin buy since selling 32 BTC three weeks ago

Strategy added $300 million to its US dollar reserve, lifting it to $1.4 billion, and acquired 520 Bitcoin for $34.9 million, funded through MSTR equity sales.

CryptoQuant says the cash cushion behind Strategy's STRC has thinned from seven years of coverage to 14 months, and buying BTC at cycle tops has left the company with a $10.6…