# Is Michael Saylor Trapped? STRC Explained | Adam Livingston

Page: https://stenobird.com/podcast/what-bitcoin-did-255500/is-michael-saylor-trapped-strc-explained-adam-livingston
Text version: https://stenobird.com/podcast/what-bitcoin-did-255500/is-michael-saylor-trapped-strc-explained-adam-livingston.md
Podcast: [What Bitcoin Did](https://stenobird.com/podcast/what-bitcoin-did-255500)
Published: 2026-06-24T17:00:28+00:00
Episode link: https://fountain.fm/episode/GwzEFkolsovsOeQO75qV
Audio file: https://feeds.fountain.fm/UZSKQcrOnhqYS1JopxGg/items/CzqaovsjirlcNCZJECKw/files/AUDIO---DEFAULT---8985fefc-c771-4013-9213-5ca29632fc4e.mp3
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JSON: https://stenobird.com/v1/public/podcasts/what-bitcoin-did-255500/episodes/is-michael-saylor-trapped-strc-explained-adam-livingston
Duration seconds: 3822

## Resource

“The market is trying to find a villain right now—and Saylor is that guy.” Adam Livingston explains the pressure building around Michael Saylor, MicroStrategy and STRC as the preferred stock trades at $88, well below its $100 par value. Is STRC broken, or is the market mispricing Strategy’s credit risk? Adam explains how STRC works, why its yield has climbed above 13%, whether it can recover to par, and what Strategy’s capital structure means for MSTR shareholders. We also get into dilution, dividend coverage, Strategy’s use of its cash reserve and whether Saylor is now forced to keep accelerating his Bitcoin strategy. We also get into the Bitcoin bear market, the possibility of a market bottom and why Adam believes the current environment is presenting a major buying opportunity. In this episode: Why STRC is trading below par Whether Michael Saylor is trapped The risks facing MSTR shareholders Bitcoin treasury companies and “digital credit” Bitcoin’s potential market bottom The Fed, inflation and monetary repression THANKS TO OUR SPONSORS: ANCHORWATCH BLOCKWARE LEDN BITKEY SWAN CAPE FOLLOW: Danny Knowles: https://x.com/\_DannyKnowles or https://primal.net/danny Adam Livingston: https://x.com/AdamBLiv

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## Transcript

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