Rosen Law Firm has launched an investigation into Strategy (formerly MicroStrategy), inviting investors who purchased the company’s securities to participate in a potential class action lawsuit.
The firm said it is examining whether Strategy and certain executives made materially misleading statements about the company’s business operations, bitcoin treasury strategy, profitability, and the risks tied to its aggressive accumulation model.
Details of the probe
The investigation covers several Strategy-linked securities, including MSTR, STRF, STRC, STRK, and STRD.
Rosen has created a dedicated webpage allowing affected investors to join the probe.
The development follows heightened scrutiny around Strategy’s capital structure and its growing reliance on multiple classes of securities to fund bitcoin purchases.
While the investigation does not allege wrongdoing, it comes amid sharp volatility across several Strategy-related instruments.
Why Arkham says STRC differs from LUNA
Blockchain analytics platform Arkham recently addressed comparisons between STRC and the collapsed Terra ecosystem, arguing the situations are fundamentally different.
Arkham wrote in a post on X:
“IS STRC THE NEXT LUNA? Short answer - not quite.”
The firm stressed that Strategy is under no legal obligation to maintain STRC’s market price, distinguishing it from algorithmic mechanisms that contributed to Terra’s collapse.
Arkham added:
“Unlike Terra LUNA, Saylor cannot ‘get liquidated’ if STRC falls in value.”
Arkham also flagged a key risk: dividend payments remain discretionary, and maintaining STRC’s current structure could require roughly $1.2 billion annually.
Analyst pushes back
Analyst Shanaka Anslem pushed back against framing the notice as evidence of fraud, writing:
“No SEC action. No Department of Justice case. No filed complaint. No named misstatement.”
Neither Strategy nor Michael Saylor immediately responded to a request for comment.
