Bitcoin’s wild ride hit Strategy hard — the firm that once rode the bull market by buying massive amounts of BTC with borrowed cash and new stock is now sitting on over $3 billion in cash, zero new Bitcoin purchases for four weeks, and paper losses on its 840K BTC stash. While cash is a smart safety net amid volatility, their strategy’s Achilles heel is clear: if Bitcoin stays down, their cycle collapses — and selling more stock at depressed prices to fund buys becomes painfully inefficient. Maybe it’s time to just hold BTC or invest in a Bitcoin ETF.
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