A hawkish Federal Reserve is bolstering the U.S. dollar, bitcoin ETFs have seen persistent outflows, and Strategy, the largest publicly listed bitcoin holder, faces mounting pressure.
Strategy’s preferred stock, STRC, has plunged to record lows well below its $100 par value, complicating the company’s aggressive bitcoin accumulation strategy.
Arca CIO Jeff Dorman highlighted the precarious situation:”Either sell an enormous amount of BTC and MSTR to help bring $STRC back up near par, and at least buy yourself some time, or continue to watch every part of your cap structure melt because of the uncertainty you’ve created,” he said on X.
As of writing, BTC changed hands near $62,400, down 0.8% since midnight UTC hours, according to CoinDesk data. Prices hit highs near $67,000 early this week.