Michael Saylor’s Strategy Enters a Dangerous Feedback Loop as STRC Cracks and Bitcoin Falls

TLDR: Strategy’s annual STRC dividend bill surged from $300M in January to roughly $1.2B today. Cash reserves have dropped 38% since early 2026, cutting dividend runway to just ten months. Strategy sold Bitcoin directly for the first time, exposing limits on its two core funding tools. Outstanding STRC obligations near $10B rank above MSTR shares [...]

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