Boredom Threatens Saylor's Bitcoin Accumulation Machine

Cryptoquant CEO Ki Young Ju has sounded a warning about the potential for boredom to harm Strategy's STRC, an 11.5%-dividend preferred stock tied to Michael Saylor's bitcoin accumulation machine.

The instrument has grown into the world's largest preferred stock by market value, topping $8.5 billion in under a year, but Ki Young Ju believes it is vulnerable if the market enters a prolonged sideways grind.

The STRC structure was engineered to trade near a $100 par value and provide a stable dividend, allowing Strategy to raise fresh capital from yield-hungry investors without diluting common shareholders or taking on conventional debt.

Saylor remains defiant, saying 'bitcoin keeps working' despite the recent decline in prices. However, Ki Young Ju's warning is that a dull market would expose the danger in STRC, which has already wobbled and slid toward $85 from its par value of $100.