Old money plays with new money—using preferred shares as ammo and sweeping up 10 billion in just 10 months. Is this institutional FOMO, or structural arbitrage?

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Multiple cryptocurrency treasury companies' stock prices decline, shifting to explore digital credit fundraising, but sustainability is questionable.
May 31, due to the decline in the prices of Bitcoin and other crypto assets, the stock prices of some crypto reserve companies fell.
These companies have started raising funds through "digital credit" financing tools such as issuing high-yield perpetual preferred stocks, continuing to buy Bitcoin.
Since its launch about 10 months ago, this model has attracted approximately $10.5 billion in capital inflows.
Currently, several crypto reserve companies, including Strive Asset Management, The Smarter Web Company, and Capital B, plan to emulate this financing strategy.
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