Strategy’s STRC preferred stock plunged below $74 as Bitcoin fell under $60,000, lifting its effective yield and increasing pressure on the company’s funding model.

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.

Cryptoquant says Strategy's dividend coverage fell to 14 months and urges a pause on bitcoin buys as STRC trades below its $100 par.