Woofun AI reports that the trading price of STRC has retreated below its $100 issue value, reaching a low of $82.53 before closing at $88.59, which has ignited market debate regarding the viability of Strategy's Bitcoin accumulation strategy. This depreciation coincides with a marked deceleration in the firm's BTC acquisition pace; while Strategy added 34,164 BTC worth $2.54 billion in April 2026, recent weekly purchases have slowed to approximately 1,550 to 1,587 BTC, valued around $100 million each week.

Concurrently, the company sold 32 BTC to satisfy dividend obligations, a move interpreted by some as an early signal of tightening liquidity amid declining financing efficiency.

Critics, including Peter Schiff and trader DonAlt, have characterized the STRC mechanism as resembling a 'Ponzi scheme,' arguing that the model depends on continuous capital inflows or asset sales to sustain operations. Conversely, analysts such as Scott Melker contend that the price decline stems primarily from leveraged liquidations triggered when prices fell below the stable $99-$100 range, rather than fundamental deterioration. Melker notes that the discount actually enhances yields for investors, as the fixed $100 dividend priority results in an effective annual yield exceeding 13% at current price levels. Market attention now shifts to Strategy's upcoming dividend structure adjustment on June 30, which will be pivotal in determining whether the discounted pricing persists or stabilizes.