Despite Bitcoin’s rally, Strategy’s STRC preferred stock remains below its $100 value at $95.31, prompting concerns from Multicoin Capital co-founder Tushar Jain that the 12% dividend does not adequately cover the risk of further drawdowns. Strategy has used Bitcoin sales to fund dividends and share repurchases, but the stock has not returned to its stated value. Jain argues that the dividend is too low relative to the losses investors have faced.

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