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Bitcoin's price has dropped more than 40% since Strategy launched STRC, pulling that instrument below par and visibly slowing the company's pace of Bitcoin acquisitions.
The decline has emboldened critics of Michael Saylor's closely watched BTC flywheel and reignited debate over whether the model remains intact.
What "Below Par" and the Flywheel Actually Mean Par, in this context, is the face value at which a security is originally issued — the price a buyer pays at launch.
When a security trades below par, it means the market now values it less than the original issue price, signaling that investors who bought in at the start are sitting on a loss.
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