"**Distressed-debt funds that snapped up Strategy Inc.’s beaten-down preferred shares are in talks with one of the company’s bankers about swapping them for other securities**, pitching it as a win-win as the relentless rout in crypto puts the Bitcoin accumulator in an increasingly tough spot.
The investors have had conversations with Moelis & Co. about exchanging their holdings for other preferred shares at a discounted price, or potentially for common shares, which have plunged by roughly 75% in the past year, according to people familiar with the matter."
[https://www.bloomberg.com/opinion/newsletters/2026-07-07/index-traders-had-a-good-month](https://www.bloomberg.com/opinion/newsletters/2026-07-07/index-traders-had-a-good-month)
