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Strategic's market value dips below Bitcoin holdings
Strategic's market value has fallen below the value of its Bitcoin holdings for the first time, threatening investor confidence in its cryptocurrency-based strategy. Nevertheless, the company's shares rose by 4.9% following the announcement of a share buyback program and the sale of up to $1.25 billion worth of Bitcoin to boost liquidity. The company is one of the largest Bitcoin holders, with net assets valued less than the Bitcoin listed on its balance sheet, raising concerns about how a decline in cryptocurrency prices may impact the company's future.
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