Strategy Inc.'s (NASDAQ:MSTR) preferred stock (NASDAQ:STRC) dropped below $98 on Tuesday as Peter Schiff declared the death spiral he predicted has officially begun. Cash Reserve Drained From 21 Months To 6.1 Months Strategy's USD reserve, designed to cover preferred stock dividends, stood at $871 million as of May 31, covering just 6.1 months of payments.