Strategy’s preferred stock STRC has dropped below $84, well below the $90 it launched at and a full $16 beneath its $100 par value, hitting an all-time low and triggering a chain of consequences that points toward an outcome Saylor has publicly sworn to avoid: selling Bitcoin. The market is not panicking yet, but it is pricing in doubt, and the mechanics behind that doubt are worth understanding carefully. Solana Floor flagged the STRC decline as it broke below $85, noting the potential downstream pressure on Strategy’s Bitcoin position. What looks like a preferred stock pricing anomaly on the surface
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