Jiang Zhuo'er: MSTR has no risk of forced liquidation, but the financing model and STRC de anchoring show poor prospects

Jiang Zhuo'er stated that MSTR holds $55 billion in BTC and needs to pay $1.7 billion in STRC dividends annually. Selling BTC can pay dividends for 32 years. STRC is a preferred stock that does not require principal repayment, and MSTR has no risk of forced liquidation and will not be unable to pay dividends. Jiang Zhuo'er believes that this statement reflects a pessimistic market outlook. STRC has severely lost its anchor and is unable to raise funds again. MSTR has been purchasing BTC in the past two weeks by issuing additional common shares, resulting in losses and a decrease in per share content when mNAV is less than 1, which cannot be sustained on a weekly basis.