Michael Saylor said a hypothetical $10 billion short in Strategy's STRC preferred stock at its $100 par value would leave the company with $10 billion of credit while short sellers fund 12% annual dividends, or $1.2 billion, effectively doubling STRC's AUM (assets under management) from $10 billion to $20 billion. He argued that keeping STRC as a stable, low-volatility credit instrument would deepen liquidity, increase demand and ultimately support MSTR common stock and the company as a whole. DeFi (decentralized finance) analyst Viktor disputed that logic, saying heavy selling between $99 and $100 could prevent STRC from reaching or holding par and could force Strategy to sell Bitcoin or MSTR at unfavorable prices to defend the level. Viktor also said the $100 cap would not remove volatility but shift it into a lower $90-to-$100 band, and as of publication MSTR was down 2% on the day, trading near support around $90-$92 with $105 marked as key resistance.