Strategy’s preferred equity instrument, STRC, has been trading below its $100 par value — a detail that has quietly drawn attention from investors watching the company’s ability to keep funding its Bitcoin purchases.

Saturn Steps In As Questions Mount

The company behind the Bitcoin treasury strategy recently attracted fresh capital despite the uncertainty. Saturn, a STRC-backed yield provider, put $18 million into STRC, bringing its total investment to $33 million.

The move came even as critics questioned whether demand for the instrument is strong enough to sustain Strategy’s aggressive acquisition pace.

STRC offers holders a monthly payout with an annual return of 11.5%, and the funds raised through it go directly toward buying more Bitcoin.

Still, the stock sitting below par has prompted questions. An account tracking STRC activity posted online over the weekend, estimating that the past week saw roughly zero Bitcoin purchased. “What will Monday’s 8-K confirm?” the post asked.

The ₿eat Goes On. pic.twitter.com/tBDs2z0b4z

— Michael Saylor (@saylor) April 26, 2026

That question may already have an answer in the works.

Saylor Posts The Orange Dots — Again

On Sunday, April 26, Michael Saylor posted on X with a simple message: “The Beat Goes On.” Attached was Strategy’s so-called “Orange Dots” chart, a visual record of every Bitcoin purchase the company has made. Based on past trends, the post is widely read as a signal that another acquisition announcement is coming.

Strategy now holds more than 815,000 Bitcoin. Last Monday, the company added to that total with a $2.54 billion purchase, cementing its position as the largest corporate holder of Bitcoin in the world. No other publicly traded company comes close.

The title of Saylor’s post — “The Beat Goes On” — captures the tone he has maintained for years: steady accumulation, public signaling, and near-total indifference to critics.

Schiff Calls It A ‘Ponzi’ Scheme

Peter Schiff, one of Bitcoin’s most vocal long-term critics, has been especially focused on STRC lately. He has called it “the most obvious Ponzi that has ever existed” and warned that the math behind the product doesn’t hold up under scrutiny.

The claim that Bitcoin only has to rise by 2% per year to cover the 11.5% yield on $STRC indefinitely assumes $MSTR stops issuing STRC. But Saylor is actually increasing issuance. The more STRC MSTR sells, the more BTC must rise to cover the yield. Also, if the price of STRC…

— Peter Schiff (@PeterSchiff) April 25, 2026

His argument centers on the relationship between STRC issuance and Bitcoin’s price growth. According to Schiff, the claim that Bitcoin only needs to rise 2% annually to cover STRC’s 11.5% yield assumes the company stops issuing more STRC.

If issuance grows, the required rate of Bitcoin appreciation rises with it. He also warned Saylor of potential lawsuits, saying the product’s marketing could be considered misleading.

Schiff sees only one exit from what he calls a death spiral — canceling the dividend. But he says that move would itself trigger steep losses across STRC, Strategy’s stock, and Bitcoin prices.