Saylor's STRC Slides Below $75 While Twitter Mistakes a Preferred for a Stablecoin 🍿

Strategy's preferred stock STRC fell to a record intraday low of $74.13 on Thursday, an 8% drop that put it more than 25% below its $100 par value, according to Yahoo Finance. The slide came as $BTC extended a sell-off, touching $58,188 before recovering to $59,273, a 3.3% decline over 24 hours per CoinGecko, after falling to a 21-month low of $59,217 on Wednesday. The combined pressure pushed more than $1.44 billion in crypto positions into liquidation over 24 hours, with $1.2 billion from long bets and $658 million tied to $BTC alone, per CoinGlass.

The STRC swoon has revived a social media comparison to Terra's UST, the algorithmic stablecoin whose 2022 collapse erased about $40 billion in value. The parallel rests on two features: STRC is engineered to trade around $100, and it pays an 11.5% annual dividend that recalls the 20% yield Terra's Anchor protocol once advertised. STRC previously traded as low as about $82.53 last week before closing Monday around $88.65, roughly 11% below par.

Benchmark-StoneX analyst Mark Palmer pushed back on the framing in a Monday note. "STRC is not a stablecoin," he wrote, noting that a stablecoin promises to hold a fixed $1 value while STRC never made such a promise. "Strategy's objective has been to support STRC's trading at a level near $100, not to guarantee it," Palmer said. "What has happened with STRC is best described not as a depeg — something that was never pegged cannot be depegged — but as a market-driven reset of required yield."

Unlike UST, which held its dollar value through a mint-and-burn loop with sister token LUNA and no hard reserves, STRC is backed indirectly by Strategy's bitcoin. The company said Monday its holdings now total 847,363 coins worth about $54.5 billion. The drop does affect Strategy's funding engine, which is designed to buy more bitcoin when STRC trades at or above $100; that mechanism is paused while the price remains below that level. Strategy's common MSTR shares fell 7% to $87.50 before firming to $87.89 on Thursday.