Strategy executives defended the company’s common shareholders and amplified-Bitcoin strategy as MSTR suffered a sharp decline, while Multicoin Capital co-founder Tushar Jain criticized the 12% STRC preferred-stock dividend as inadequate compensation for downside risk. STRC closed at $95.31 on Aug. 21, below its $100 stated value, even as Bitcoin rebounded to about $77,125; it had fallen as low as $71.25 in June. Strategy pays a 12% annualized dividend on STRC’s stated value, or $0.50 per share in each of two monthly payments, producing an effective yield of about 12.6% at that price. The company has paused Bitcoin purchases for seven weeks, used stock-sale proceeds to repurchase STRC shares, pay dividends and build its dollar reserve, and said additional STRC issuance without a discount depends on the preferred stock returning to its stated value. In a separate shareholder Q&A, CEO Phong Le said common shareholders remain Strategy’s top priority and warned that MSTR can rise more than Bitcoin in bull markets but fall more sharply in downturns. Chair Michael Saylor recommended a minimum four-year holding period, ideally seven to 10 years, and said investors should expect difficult periods. In the newer market snapshot, Bitcoin traded at $74,648.68, up 7.98% over 24 hours, while MSTR closed at $112.39, up 7.81%.