Distressed Funds Explore Swapping Strategy Inc. Preferred Shares as Stock Plunges 75%

BTC0.42%
According to Bloomberg, distressed asset investment funds that bought Strategy Inc. preferred shares at discounted prices are exploring with Moelis & Co. to exchange their holdings into other securities as the Bitcoin-heavy company faces mounting pressure. The funds are discussing swapping their preferreds into other preferred stock or potentially common equity. Strategy's common stock has fallen approximately 75% over the past year as Bitcoin's rally stalled, raising questions about the company's heavy cryptocurrency accumulation strategy.
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