MicroStrategy's preferred shares (STRC) have weakened as market concerns grow over the company's ability to acquire more Bitcoin. Jiang Zhuo’er highlighted that the significant deviation of STRC's price from its par value indicates a reduced risk appetite among U.S. investors for Bitcoin. While MicroStrategy can still raise funds by issuing more common shares, Zhuo’er noted that doing so when the price-to-book ratio is below 1 would dilute Bitcoin holdings per share, making it an expensive strategy.