Analyst: STRC Depeg Not Comparable to UST Collapse; Strategy Far from Liquidation

According to ME News, on June 21 (UTC+8), crypto analyst Murphy stated that Strategy is currently not facing a preferred share repayment crisis. He noted that for the preferred share tranche of Strategy to be breached, Bitcoin would need to fall to $26,000; for the debt tranche to be breached, it would need to drop to $8,000. Murphy pointed out that SATA, a similar product, has remained above $99 this week, while STRC has de-pegged—indicating that the current market selling pressure is more targeted at Strategy itself rather than structural flaws in its product design. He believes this reflects a repricing of leverage and credit, along with liquidity contraction triggered by the depletion of cash reserves and amplified signals of the first coin sales, rather than a liquidation crisis. Murphy emphasized that Strategy is still far from forced liquidation; its “flywheel model” has merely paused at current price levels. The future trajectory of Bitcoin’s price will determine whether this is a temporary correction or the beginning of deeper risks. He argued that equating STRC’s de-pegging with the previous cycle’s UST de-pegging and LUNA collapse is a clear overinterpretation. If Bitcoin rebounds and equity ATM financing resumes, Strategy could restore its cash reserves and restart its capital operations model. (Source: ODAILY)