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Ahead Of The Curve
31 Mar 2025

The Forgotten Reserve

Leverage and yields have slipped to multi-month lows as BTC retreats to the lower $80,000s. With Liberation Day on the horizon, tariffs are likely to dominate the news cycle. But amid the noise, has the market forgotten the SBR?
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Brace yourselves, tariff headlines are coming
BTC booked a 4% loss on the week, as an unfavorable PCE reading and tariff de-risking saw sell-offs in crypto and equities. Strategy purchased a further 22,048 BTC, using funds from both its ATM offering and its perpetual preferred stock STRF. The firm has only $2.37bn remaining in its ATM pockets from the original $21bn, which may translate to reduced MSTR buying pressure. However, GameStop is expected to close a $1.3bn convertible note offering today, with funds marked for BTC buys. Tariffs remain the primary market-moving factor with Liberation Day looming, while U.S. job data this week may bring more volatility.
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