CoinEx News: Strategy, formerly MicroStrategy, saw its STRC preferred stock close at $88.59, below the $100 level it is designed to hold. STRC is a dividend-paying preferred share; when it trades above $100, Strategy can sell more shares and use the cash to buy Bitcoin. But this channel has now been paused, after Strategy previously sold 32 BTC to fund STRC distributions.

That matters for BTC because Strategy holds about 846,842 BTC and has been one of the market’s biggest corporate buyers. The near-term risk is not automatic forced selling, but weaker marginal demand plus dividend pressure. If STRC stays below par and financing costs rise, Strategy may have less room to buy BTC and could face a higher chance of using small BTC sales or more share issuance to meet payments.