Crypto analyst Murphy said Strategy is not facing a preferred stock repayment crisis at present, and estimated Bitcoin would need to fall to $26,000 to breach Strategy’s preferred stock layer and to $8,000 to breach its debt layer. According to Odaily, Murphy said comparable product SATA remained above $99 this week, while STRC de-pegged, suggesting selling pressure was more focused on Strategy itself rather than flaws in related product design.
Murphy said the move appeared more like a repricing of leverage and credit, along with liquidity tightening after amplified concerns about cash reserve consumption and signals of an initial Bitcoin sale, rather than a liquidation crisis.
He added that Strategy remains far from forced liquidation, but its “flywheel model” has temporarily stalled at current price levels. Murphy said Bitcoin’s next price moves will determine whether this is a mid-cycle adjustment or the start of deeper risks.
Murphy said comparing STRC’s de-pegging to the prior cycle’s UST de-pegging and LUNA collapse is an overinterpretation. He added that if Bitcoin rebounds and equity ATM financing restarts, Strategy could rebuild cash reserves and resume its capital operations model.
Murphy Says Strategy Faces No Preferred Stock Repayment Crisis at Current Bitcoin Levels
2026-06-21 02:14:04
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