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Strategy’s preferred equity instrument, STRC, has been trading below its $100 par value — a detail that has quietly drawn attention from investors watching the company’s ability to keep funding its Bitcoin purchases.
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Saturn Responds to Questions as they Mount
This is the company that created it Bitcoin Treasury strategy attracted new capital recently despite uncertainty. Saturn, STRC’s yield provider and a STRC investor, invested $18 million in STRC, making its total investment $33 millions.
Amid criticism, critics wondered if the high acquisition rate of Strategy would be sustainable if there was a strong demand for Strategy.
STRC pays out a monthly dividend with a return on investment of 11,5% per year. The funds collected through STRC are used to buy more Bitcoin.
The stock is still below the par. This has raised questions. A tracking system for accounts STRC Over the weekend there was a lot of activity on the internet. It is estimated that in the previous week, Bitcoins were purchased at a rate of zero. “What will Monday’s 8-K confirm?” Post asked
The ₿eat Goes On. pic.twitter.com/tBDs2z0b4z
— Michael Saylor (@saylor) April 26, 2026
There may be an answer to that question already in progress.
Saylor Posts The Orange Dots — Again
Michael Saylor, on Sunday April 26th posted a message to X. “The Beat Goes On.” The attached was the so-called Strategy “Orange Dots” The chart is a visual history of each Bitcoin transaction the company made. According to past trends, this post was widely perceived as a sign that another announcement of an acquisition would be coming.
Strategy Now, the company holds more than 815,000. The company increased its total by $2.54 billion last Monday. This cemented the position of the biggest corporate Bitcoin holder in the world. There is no other public company that comes close.
The title of Saylor’s post — “The Beat Goes On” — captures the tone he has maintained for years: steady accumulation, public signaling, and near-total indifference to critics.
BTC
Schiff Calls It A ‘Ponzi’ Scheme
Peter SchiffOne of Bitcoin’s loudest critics has recently focused his attention on STRC. He called it “the most obvious Ponzi that has ever existed” And warned that maths behind the product does not hold up to scrutiny.
Bitcoin’s yield of 11.5% can be covered by only a 2% increase per annum. $STRC The indefinitely assumed $MSTR STRC stops being issued. Saylor, however, is increasing the issuance. To cover the yield, BTC has to rise as STRC MSTR is sold. Also, if the price of STRC…
— Peter Schiff (@PeterSchiff) April 25, 2026
He bases his argument on the correlation between STRC issuing and Bitcoin price growth. Schiff contends that Bitcoin must only rise by 2% a year in order to compensate for STRC’s 11,5% yield. This assumes STRC stops issuing STRC.
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As issuance rises, so does the rate at which Bitcoin must appreciate. He warned Saylor about potential lawsuits and said that the marketing of the product could be considered as misleading.
Schiff sees only one exit from what he calls a death spiral — canceling the dividend. Schiff says the move itself would cause huge losses in STRC’s, Strategy’s stock and Bitcoin.
Strategy’s public response to Schiff has been non-existent. Saylor appears to be unaffected. Orange dots continue to be added to the graph.
Chart from TradingView, with Gemini as the featured image
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Source: www.newsbtc.com
