Bitcoin Policy UK CEO criticizes Michael Saylor’s STRC promotion as dishonest

Susie Violet Ward, Director of Bitcoin Policy UK, is calling out Michael Saylor for what she describes as a misleading promotional campaign for Strategy’s STRC perpetual preferred stock. The core complaint: Saylor’s video allegedly made the instrument look like a risk-free ride to 11.5% annualized returns.

“Saylor put out a video talking about his yield with STRC… it was making it out that there is no risk involved,” Ward said.

Here’s the thing. STRC, nicknamed “Stretch,” is not a savings account. It’s a perpetual preferred stock that pays a variable monthly dividend, currently estimated at around 11.5% annualized.

What STRC actually is, and what it isn’t

STRC is one of several structurally-branded preferred offerings from Strategy, the company formerly known as MicroStrategy. The instrument lets the company raise capital without diluting common equity.

Saylor has described STRC’s mission as becoming “the best credit instrument in the world.” He points to Strategy’s massive Bitcoin holdings and equity base as the backstop that makes it safe. As of May 31, 2026, the company holds 843,706 BTC in its treasury.

That sounds reassuring until you look at the fine print. STRC holders do not have a direct claim on Strategy’s Bitcoin. They sit lower in the capital hierarchy than traditional creditors. The dividends aren’t tied to Bitcoin collateral either. They’re tied to the company’s operations.

Strategy’s Bitcoin sales add another wrinkle

Between May 26 and May 31, 2026, Strategy sold 32 BTC for approximately $2.5 million. The purpose: funding STRC dividend distributions.

That detail is worth sitting with for a moment. The company that has built its entire brand identity around accumulating Bitcoin is now selling Bitcoin to pay dividends on a preferred stock instrument. It’s a small amount relative to the 843,706 BTC treasury, roughly 0.004% of holdings.

What this means for investors

Investors considering STRC should understand three things. First, they have no direct claim on Strategy’s Bitcoin. Second, they’re subordinate to senior creditors in the capital stack. Third, the dividend is variable and depends on the company’s ability to generate sufficient revenue or liquidate assets to meet obligations.

STRC has no maturity date, meaning there’s no guaranteed point at which investors get their principal back. It ranks below senior debt in liquidation.

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