A hawkish Federal Reserve is supporting the U.S. dollar, Bitcoin ETFs have seen persistent outflows, and Strategy, the largest publicly traded Bitcoin holder, is facing increasing 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.
Jeff Dorman, CIO of Arca, highlighted the precarious situation: “Either sell a huge amount of BTC and MSTR to help bring $STRC close to par, and at least buy some time, or continue to watch every part of your cap structure melt away because of the uncertainty you have created,” he said on X.
At the time of writing, BTC changed hands at nearly $62,400, down 0.8% since midnight UTC, according to CoinDesk data. Prices reached highs near $67,000 earlier this week.
