B3bit

06/17 15:05Haussier

Why are Strategy’s preferred securities falling de

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Why are Strategy’s preferred securities falling despite Bitcoin’s recovery? Strategy-linked securities continue to weaken even as Bitcoin [BTC] holds near the $65,800 zone. This divergence is becoming harder for investors to ignore. Stretch (STRC) has recently traded around $91-$95, still well below its $100 par value despite yields of more than 12%. Despite yields exceeding 12%, investors are pricing in Strategy-specific risks over Bitcoin exposure, eroding confidence across its capital structure. That weakness suggests markets are pricing risks beyond Bitcoin’s direction. Meanwhile, pressure across Strife (STRF) and Stride (STRD) points to similar concerns as investors appear increasingly focused on leverage, dividend sustainability, and future issuance. Meanwhile, STRC’s rapid growth from $2.8 billion to $10.5 billion suggests issuance is outpacing confidence, leaving markets wary of future obligations. Although Strategy still holds roughly 847,000 BTC, confidence across the capital structure remains fragile. Hence, markets are demanding higher risk premiums for securities tied to the Treasury. Unless liquidity concerns ease, these securities may continue lagging even if Bitcoin extends its recovery.

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