Saylor Defies Critics, Continues Buying BTC Amid STRC Crisis

Michael Saylor, the executive chairman of Strategy, is continuing to buy Bitcoin despite intense scrutiny surrounding his company's funding vehicle, STRC. According to a recent tracker chart posted by Saylor, he is still acquiring BTC, even though Strategy's main funding source is in crisis.

The STRC perpetual offering has been plagued by controversy after plummeting below $89, forcing Strategy to increase the dividend rate on its outstanding shares and boosting annual dividend costs by approximately $53 million. Bloomberg senior ETF analyst Eric Balchunas has argued that the company should abandon the vehicle entirely due to its ongoing issues.

Analysts are also speculating that Saylor is using his own cash reserves to fund his BTC purchases, which would be a reckless move given the company's current financial situation. As one crypto commentator noted, '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.'