K33: The STRC-driven Bitcoin buying spree is raising sentiment-driven structural risks.

According to Mars Finance, citing Theblock, research firm K33 states that Strategy's increasing reliance on selling its STRC perpetual preferred stock to raise funds for Bitcoin accumulation is introducing structural risks related to market sentiment and pricing dynamics. It is understood 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 states that this pattern requires STRC's price to remain near the target price and Strategy's equity to trade at a price higher than its net asset value. These conditions are largely driven by market sentiment and can worsen simultaneously during periods of market weakness.