K33: The Bitcoin buying frenzy driven by STRC is causing emotion-driven structural risks
According to Theblock, research firm K33 stated that Strategy increasingly relies on selling its STRC perpetual preferred shares to raise funds for accumulating Bitcoin, which is introducing structural risks related to market sentiment and pricing dynamics.
It is reported that of the $1.57 billion in Bitcoin acquired by Strategy on Monday, approximately $1.18 billion came from the market sale of STRC, while the sale of Class A common stock amounted to $396 million.
K33 indicated that this model requires the price of STRC to be maintained near the target price, and that the trading price of Strategy's equity is above its net asset value. These conditions are largely driven by market sentiment and may deteriorate simultaneously during market weakness.
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