Strategy Preferred Stock Falls Below Par, Raising Doubts on Bitcoin-Backed Claims

Products marketed as a safer, income-generating way to gain Bitcoin (BTC) exposure are drawing renewed scrutiny after trading prices broke below par—highlighting a widening gap between what investors believe they own and what they actually hold.

Strategy—the company formerly known as MicroStrategy—has attracted roughly $15 billion across a suite of preferred securities including STRC, STRF, and STRK, alongside a competing structure from Strive, often discussed under the “SATA” label. These instruments have been pitched to crypto investors using familiar promises: “backed by Bitcoin,” “fixed…  Read more

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