Legal Storm Surrounding Strategy: Rosen Law Firm Initiates Investigation, and the Market Speculates on the Fate of STRC
The Rosen Law Firm has officially launched an investigation into Strategy (formerly MicroStrategy) and is inviting investors who purchased the company's securities to join a potential class action lawsuit. This event has become a significant signal for a market already experiencing heightened volatility around instruments linked to the largest corporate holder of bitcoin.
Lawyers are examining whether Strategy and its management published misleading statements regarding its business model, bitcoin accumulation strategy, profitability, and associated risks. The investigation focuses on several types of securities: MSTR, STRF, STRC, STRK, and STRD. A dedicated page has been created for affected investors to join the process.
What lies behind the investigation?
The greatest attention has been drawn to the perpetual preferred stock STRC — an instrument that has recently become the subject of heated debate. Against the backdrop of its market value falling below par, analysts and market participants have begun discussing potential structural problems in Strategy's capital, which is increasingly using various types of securities to finance bitcoin purchases.
The Arkham platform recently issued a statement refuting direct parallels between STRC and the collapsed Terra (LUNA) ecosystem. Arkham experts emphasized that Strategy has no legal obligation to support STRC's market price, unlike the algorithmic stabilization mechanisms that played a fatal role in Terra's collapse. "The value of STRC merely shows how much the market believes in the continuation of dividend payments from Saylor," analysts noted. However, they also pointed out a key risk: dividend payments on preferred shares remain at the company's discretion and are not guaranteed by law.
According to Arkham's calculations, maintaining the current payment schedule for STRC requires Strategy to generate approximately $1.2 billion per year. This raises questions about the sustainability of the financing model in a deteriorating market environment.
Market reaction and analyst opinion
Prominent analyst Shanaka Anslem moved quickly to reassure investors, stating that the Rosen Law Firm notice is a standard practice of client acquisition following a sharp drop in stock prices, rather than evidence of fraud or regulatory violations. "There is no SEC lawsuit, no DOJ case, no filed complaint with specific factual misrepresentations," he emphasized. However, despite this, volatility around Strategy's instruments remains high, and questions about the company's financial model remain open.
My analysis: The Rosen Law Firm investigation is not a verdict but rather an indicator of growing pressure on Strategy. The key risk for holders of STRC and other instruments is precisely the company's ability to generate sufficient cash flow to service dividends, especially in the event of a bitcoin correction. If the BTC price falls below levels that ensure the profitability of Saylor's model, we could see not just a decline in quotes but a full-fledged structural crisis. For now, the market is pricing this very scenario into STRC — and this looks less like panic and more like a rational reassessment of risks.