As long as $STRC is not trading at exactly $100, Saylor is not raising a penny through the instrument.
You have probably noticed that the price got back to par earlier after the ex-div date in March and April.
I think the reason we're struggling this month is simply because almost $5bn have been raised through STRC during the past 2 months, and all these inflows need to be "digested".
The past month was a monster month, it's really not surprising that we're now taking more time to absorb the flows.