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ToggleStrategy, the world's largest corporate Bitcoin holder, has always been under intense market scrutiny for its intricate financial operations. According to a report by Crypto Briefing on June 18, 2026, the company's executive chairman, Michael Saylor, made a startling revelation: the company's "STRC perpetual preferred stock," with a market capitalization exceeding $8.5 billion, was actually designed with the assistance of OpenAI's ChatGPT.
ChatGPT-certified legitimate "cryptocurrency trading loop"
The STRC perpetual preferred stock, nicknamed "Stretch," was first launched in July 2025. It features no maturity date, continuous high dividend payments, and priority liquidation rights in the event of company problems. The current annualized dividend yield is as high as 11.5%, and the company is considering switching to bi-weekly payments to attract income-oriented investors who prefer stable cash flow.
On the social media platform X, prominent user @_FORAB shared a clip of Saylor's speech, pointing out that Saylor himself admitted he couldn't have come up with this model. AI responded to him at the time, stating that while no one in the world had ever done anything like this before, it was completely legal. The brilliance of this mechanism lies in the fact that the funds raised don't require Bitcoin as collateral; instead, they are directly used to purchase more Bitcoin. Investors earn interest, while the company can risklessly and continuously "stall" its Bitcoin reserves, forming what the community calls the most powerful fundraising flywheel in history.
STRC shares fall below par value, raising market concerns about a potential sell-off.
However, this flywheel, designed by AI, has recently developed cracks. The price of the STRC has not been steadily rising; it has recently plummeted from its official guide price of $100, even hitting a low of $86 to $90, a discount of up to 14%.
For preferred stock, falling below par value is undoubtedly a serious warning sign. Although Saylor defended the product, emphasizing that its Sharpe ratio had exceeded 3, demonstrating excellent risk-adjusted returns, and expressing willingness to stabilize investor confidence through share sales or dividend adjustments, the market remains skeptical. The community speculates that if the discount continues to worsen, the company might trigger a specific mechanism to force it to sell its Bitcoin reserves in an effort to bring the price back to $100.
High-interest promises face the test of bull and bear markets.
STRC is essentially a hybrid financial product combining a bullish view on Bitcoin with stable returns, targeting a principal of around $100, allowing investors to indirectly benefit from Bitcoin's long-term appreciation. The high annualized return of 11.5% is extremely attractive in the current environment, but analysts point out that Strategy's entire business model still heavily relies on Bitcoin's long-term appreciation. If Bitcoin enters a prolonged bear market, maintaining its high-volume variable dividend payout of $8.5 billion will face an extremely severe test, a market reality that ChatGPT clearly could not fully simulate in its initial design.
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