Despite STRC Mayhem, Saylor Hints at Another BTC Purchase

The STRC mayhem "How is he still buying?" Michael Saylor’s relentless accumulation of Bitcoin, the world's flagship cryptocurrency, shows no signs of stopping. This is despite the fact that Strategy recently faced intense scrutiny amid the sell-off of its STRC perpetual offering. On Sunday, the Strategy executive chairman made it clear that the company is on the verge of making yet another acquisition by posting a tracker chart of the company's holdings with the usual caption about adding more dots. HOT Stories However, the timing of the purchase is rather perplexing, given that the company's main funding vehicle is in the middle of a crisis. The STRC mayhem Strategy’s STRC, which is a variable-rate perpetual preferred stock with a stated value of $100 and an annual dividend rate of 11.5%, recently became the talk of the crypto town after plummeting below $89. The drop forces Strategy to increase the dividend rate on its outstanding shares, boosting the company's annual dividend costs by approximately $53 million. You Might Also Like As reported by U.Today, Bloomberg senior ETF analyst Eric Balchunas has argued that the company should abandon the vehicle entirely since it remains an "ongoing thorn." Expectations of Saylor selling Bitcoin to raise cash and restore confidence among STRC holders are dragging BTC prices down, according to other analysts. "How is he still buying?" Bitcoin buying through STRC was reportedly paused in June. MicroStrategy's mNAV (multiple of Net Asset Value) currently sits at 1. According to the company's own equity guidance, this metric indicates they shouldn't be issuing new common MSTR shares at this time."How is he still buying? The mNAV is at 1. According to his own equity guidance, he's not supposed to be issuing MSTR anymore. STRC is way below $100, so he can't use that either. Is he gonna touch his cash reserves? That would be incredibly reckless," crypto commentator Byzantine General said.