Legal Storm Surrounding Strategy: Rosen Law Firm Launches Investigation, Market Speculates on STRC's Fate
The Rosen Law Firm has officially announced the launch of an investigation into Strategy (formerly MicroStrategy) and has called on investors who purchased the issuer's securities to join a potential class action lawsuit. This event instantly drew the attention of the entire cryptocurrency and traditional financial community, given Strategy's key role in the institutional adoption of Bitcoin.
Lawyers are examining whether the company and its management have published misleading statements regarding its operations, Bitcoin custody strategy, business profitability, and risks associated with the aggressive accumulation model of the leading cryptocurrency. Several types of securities have come under scrutiny: MSTR, STRF, STRC, STRK, and STRD. Particular attention is focused on the STRC instrument — Strategy's perpetual preferred stock.
Comparison with Terra and Arkham's Position
Against the backdrop of STRC's price falling below par, comparisons with the collapsed Terra (LUNA) ecosystem have been actively circulating online. However, analytics platform Arkham hastened to calm the market, stating that these situations are "fundamentally different." Unlike Terra's algorithmic mechanisms, Strategy has no legal obligation to maintain the market price of STRC. As analysts emphasized, "Saylor cannot lose funds due to a drop in STRC." The value of preferred shares merely reflects the market's confidence in the continuation of dividend payments, not the operation of an automatic stabilizer.
However, Arkham analysts also pointed out a significant risk: dividend payments on STRC remain at the discretion of the board of directors. If Strategy faces financial difficulties, priority may be given to other obligations rather than preferred shareholders. According to estimates, the company requires approximately $1.2 billion per year to maintain the current level of dividend payments. This raises serious questions about the sustainability of the chosen financing model in the event of a deterioration in market conditions.
Balanced Assessment: Is Panic Premature?
Prominent analyst Shanaka Anslem spoke out against hasty conclusions, reminding that the Rosen Law Firm's notification itself is a standard practice for client acquisition after a sharp stock decline, not evidence of fraud. "There is no SEC lawsuit, no DOJ case, no filed complaint with specific factual misrepresentations," he noted. Nevertheless, concerns persist in the market regarding Strategy's ability to sustain its dividend burden and maintain its Bitcoin strategy during periods of market weakness.
My analysis: The launch of the Rosen Law Firm investigation is a warning signal, but not a verdict. It points to growing tension surrounding Strategy's debt and equity model, which has become a hostage to its own success. The market is beginning to question: what will happen if the Bitcoin growth cycle gives way to a prolonged correction? Currently, we are witnessing not so much a legal problem as a stress test of the entire concept of financing BTC purchases through complex hybrid instruments.