First Fix STRC. Upside for All Will Follow.

研报英文原文证据摘录

First Fix STRC. Upside for All Will Follow.

July 6, 2026

rally in MSTR shares provides a proof point: Strategy announced its new

capital plan last week, one part of which was bolstering cash reserves to

cover preferred stock dividends. But, the method used to bring up cash

levels was tapping the ATM. Tellingly, despite the action being potentially

dilutive to MSTR common holders, the stock rallied. The reason: we believe

it's that even MSTR common holders understand that STRC is the primary,

long-term vehicle by which Strategy can deliver on its core promise: to

generate capital and buy bitcoin with it. In essence, it seems to us that this

is the central reason why investors hold MSTR common over the long term,

dispelling the belief that the company must sacrifice one constituency (i.e.,

common stockholders) to protect another (i.e., STRC holders). Similar to

the switches and toggles flipped before starting an aircraft, management

rightly understands that there is an order of operations to re-starting the

capital-generation engine: First fix STRC, then the rest will fall into place.

Moving Heaven and Earth to Bring STRC Back to Par Value

For this reason, our belief is that Strategy will do whatever it takes to get

STRC back to par value. Investors should expect the company to act at a

frequent interval (perhaps even weekly) to ensure the STRC capital engine

is running smoothly again.

How will Strategy achieve this? We believe management has learned a

critical lesson from STRC’s recent fall below par: preferred shareholders

completely discount bitcoin as a liquid source of funds that can be used to

cover dividend payments. To this constituency, only cash matters. In other

words, despite MSTR’s BTC holdings representing ~28 years of dividend