STRC falls below $90, and the price has become quite unattractive, while also thoroughly exposing the issues with the Strategy financing structure.

STRC's original selling point was clear: a face value of $100, cash dividends, and a floating interest rate. Strategy wanted it to stay as close to $100 as possible, turning it into a high-yield cash management tool with a Bitcoin background.
But so far, the market hasn't bought into it.
Although the current dividend has been raised to over 11%, it hasn't generated enough buying interest to push it back near the face value.
Strategy has Bitcoin, which is a trump card. But Bitcoin isn't cash.
Dividends need to be paid in cash, reserves need to be supplemented through financing, and financing depends on whether the market is willing to continue buying its stock and preferred shares.
The market is re-pricing the Strategy narrative financed with Bitcoin as a credit product.
‍$O$BTC $MSTR