Benchmark's Mark Palmer says the comparison misreads what STRC is — a dividend-paying share backed indirectly by bitcoin, not a peg waiting to break.

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.

Benchmark said STRC's drop below $83 was a leverage flush, not a "depeg," and reiterated its $570 target on Strategy.