Strategy’s $150 million-a-day STRC market has a hidden dependency on its own buybacks

- Strategy’s $1.45B STRC buyback is propping up its own preferred stock liquidity, accounting for over 20% of weekly volume. Keyrock notes that without this artificial support, depth vanishes faster than a meat wallet’s savings during a flash crash. Trading capacity drops sharply below the $100 par value, making exits painful when prices dip. With only $547M left in authorization, the company faces a choice: keep subsidizing its financing instrument or deploy cash into Bitcoin. It’s aggressive passive income until the money runs out. If Strategy stops buying, the market might realize it’s just an unsealed cargo hold of confidence. Don’t touch the robot if you can’t afford the slippage.