Svmuu News: Jiang Zhuoer posted that MicroStrategy (MSTR) currently holds approximately $55 billion in Bitcoin assets, which corresponds to annual dividend payments of about $1.7 billion on its STRC preferred stock. Theoretically, the company could cover approximately 32 years’ worth of dividend payments by selling its BTC holdings. Since STRC is a preferred stock rather than a debt instrument, there is no pressure to repay principal in the traditional sense. From a financial structure perspective, MSTR does not face the risk of “forced liquidation due to leverage” or a short-term liquidity crisis. However, such statements themselves reflect growing market concerns regarding the company’s long-term cash flow and the volatility of its crypto assets.Currently, STRC is trading at a significant discount, and its refinancing capacity is limited. Furthermore, MSTR has recently relied more on methods such as issuing additional common stock to increase its BTC holdings (which may dilute the amount of BTC per share when mNAV is below 1); this strategy is difficult to sustain over the long term. Jiang Zhuo’er noted that even though the actual scale of BTC sold by MSTR to pay dividends is relatively small compared to the overall market, its symbolic significance may be more important. This could put pressure on market confidence and prompt investors to reassess the likelihood of “long-term passive coin sales.”Market understanding of this structure is not uniform, and this discrepancy in perception itself may become a significant factor influencing expectations and sentiment.