"Bitcoin's decline is bringing the strategy closer to equality of offer."

Bitcoin Market Volatility Management Strategy Affects

Bitcoin volatility persists, yet there is no immediate stress situation for the strategy's balance sheet. However, the main pressure point it will face with the activation of the first put option for its convertible bonds is approximately 18 months ahead.

There are observed differences in the performance of preferred stocks. STRF and STRC series are trading above their issue prices, while STRK and STRD are trading at significantly lower prices.

The management has a series of alternative options if the Bitcoin market continues to be under stress. However, the usage of these options is likely to negatively impact future capital raising efforts.