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🪙 Crypto
Distressed funds eye swap of Strategy preferred shares amid Bitcoin rout
Distressed-debt funds that bought beaten-down preferred shares in Strategy Inc., the largest corporate Bitcoin accumulator, are in talks with one of the company's bankers about swapping those securities for other instruments. The negotiations are driven by a relentless downturn in crypto markets that has placed Strategy under growing financial pressure. Both sides are pitching the potential swap as a mutually beneficial arrangement.
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