[DigitalToday reporter Yoonseo Lee] Some say Strategy's STRC investors are failing to fully reflect key risks of perpetual preferred shares in prices.

On May 16 local time, blockchain media outlet Cointelegraph reported that Matt Dines, chief investment officer at asset manager BuildMarkets, said products such as Strategy's floating-rate Series A perpetual stretch preferred stock (STRC) are structurally exposed to the risks of tightening liquidity and rising interest rates.

The key is the maturity structure. Dines said via media outlet TFTC that companies have no obligation to repay principal to perpetual preferred investors and can keep paying dividends without renegotiating investment terms. Investors must sell their holdings in the secondary market to cash out.

He also pointed out that this structure can leave perpetual preferred investors continuously exposed to tightening liquidity and rising rates. Dines described it as a structure in which investors effectively bear the related risks "permanently."

The warning comes as STRC demand grows. Strategy is expanding preferred share issuance to secure funding for bitcoin purchases. STRC daily trading volume jumped to $1.5 billion last Thursday, marking a record high. Cryptocurrency market research firm Delphi Digital put STRC's approved issuance limit at about $28 billion.

Issuance capacity was also cited as a future variable. Delphi Digital researchers said Strategy's pace of bitcoin accumulation could slow if the approved limit is not raised before it reaches $28 billion. The total nominal par value of STRC currently in circulation was tallied at $8.5 billion, and total market capitalisation at about $8.4 billion.

The pricing and dividend structure are also in focus. STRC trades at about $99 per share and has an 11.5 percent dividend rate. As it has a variable dividend structure, the yield offered to investors can change each month. If investors approach it based only on the high dividend rate, changes in the interest-rate environment and worsening secondary-market liquidity could act as simultaneous burdens.

Strategy is also holding a vote on a proposal to change the dividend payment cycle for common shareholders and STRC holders to a semi-monthly basis. STRC is drawing attention as both a funding tool for bitcoin purchases and a product that gauges market demand. But investment decisions should consider structural risks as well, including the lack of maturity and a cash-out structure that relies on secondary-market selling, not just rising volumes or dividend levels.

The debate around STRC shows Strategy's bitcoin buying strategy is expanding beyond a simple funding issue into questions about product structure and risk assessment. If STRC demand holds as funding for bitcoin purchases, Strategy's accumulation strategy may continue, but if rising rates coincide with tightening liquidity, investor burdens could increase.

As a result, the market is expected to watch whether STRC's issuance limit is expanded, the outcome of dividend structure changes and shifts in secondary-market liquidity. A high dividend rate is drawing demand, but as preferred shares have no maturity, investors need to weigh not only yields but also cash-out feasibility and price volatility risks.

"With these perpetuals, they never have to return your principal. You're totally dependent on secondary markets. If liquidity tightens, the infinite duration could mean a bigger price dislocation than most of us think." - @LeveredUSTs The risk nobody's pricing in on STRC. pic.twitter.com/sej2KN5BMF