Bitcoin Plunges, but Michael Saylor Says STRC Still Delivers Gains

Strategy Inc. executive chairman Michael Saylor touted positive returns from the company's income-paying preferred shares, traded as STRC, as bitcoin fell to near $64,000 on Nov. 14, down more than 21% over the prior month. The decline pushed the value of Strategy's bitcoin holdings further below their average acquisition cost, leaving the treasury position underwater on paper. Saylor's comments position STRC, which distributes income to holders, as a way to earn yield even when the underlying bitcoin exposure is losing value. The episode highlights the growing role of preferred equity and structured income products at bitcoin treasury companies as a buffer against spot price drawdowns. Investors will watch whether STRC's payout holds up if bitcoin stays depressed, and whether Strategy's cost basis gap widens further.