Strategy says STRC holders have no bitcoin collateral claim
- —STRC dividends accrue without board declaration, but cash payment needs board approval and legally available funds
- —In liquidation, STRC ranks ahead of common stock but behind creditors
- —Strategy explicitly states its preferred shares are not backed by bitcoin holdings
- —Oct. 28 vote: first new record date Nov. 1, payment date Nov. 2
Why it matters: The clarification removes any read of STRC as a bitcoin-backed instrument, which matters for assessing Strategy's credit risk.
Source: TokenPost