I don't think it will collapse. I think there are a few things at play here. MSTR probably made a mistake using a substantial portion of their cash reserves to retire convertible debt. The market did not like this. Couple that with SATA going to daily dividends and being 13% yield vs 11.5% yield for STRC and you are seeing rotation from STRC to SATA. Strive is inherently much riskier than Strategy so I don't see this all as pricing in additional risk for Strategy. I think it is a combination of both. Besides that, yesterday was ex-dividend date for STRC so you are going to typically see selling after that date and probably got more than usual as people who wanted to rotate to SATA waited until today. I think SATA had a pretty big day and was trading over 100 at one point.
I don't think it will collapse. I think there are a few things at play here. MSTR probably made a mistake using a substantial portion of their cash reserves to retire convertible debt. The market did not like this. Couple that with SATA going to daily dividends and being 13% yield vs 11.5% yield for STRC and you are seeing rotation from STRC to SATA. Strive is inherently much riskier than Strategy so I don't see this all as pricing in additional risk for Strategy. I think it is a combination of both. Besides that, yesterday was ex-dividend date for STRC so you are going to typically see selling after that date and probably got more than usual as people who wanted to rotate to SATA waited until today. I think SATA had a pretty big day and was trading over 100 at one point.