MSTR has lost 75% of its value since STRC began trading

Bitcoin treasury company Strategy diluted shareholders of MSTR, the company’s common stock, by $333.7 million last week and bought no bitcoin (BTC). Instead, the company redirected about 40% of the proceeds to repurchase STRC for its preferred shareholders, 16% as STRC dividends, and kept the rest for itself as cash.

Strategy disclosed the transactions in an SEC filing this morning. It was…