According to Benchmark analyst Mark Palmer in a Wednesday report, Strategy raised approximately $3.5 billion in early April through STRC preferred stock issuance, with over 85% of proceeds deployed to purchase 51,364 bitcoin. Palmer pushed back against critics framing the variable-rate perpetual preferred stock as a “circular” Ponzi scheme, arguing Strategy “converts demand for yield into long-term bitcoin exposure” through a “deliberate and durable” model. The company now holds 818,334 BTC worth roughly $62.5 billion and has returned to an unrealized profit of approximately $700 million.
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