Strategy remains under pressure as Bitcoin hovers near $60,000, but recent capital moves have bought the company time, according to Jim Ferraioli, director of crypto research and strategy at the Schwab Center for Financial Research.

Speaking on Morning Trade Live at the New York Stock Exchange, Ferraioli said the firm led by Michael Saylor faces scrutiny while the price of Bitcoin sits 50% below its peak. Strategy, the largest corporate holder of Bitcoin, has funded much of its buying through preferred equity, including its variable-rate Stretch preferred stock, known as STRC.

That product fell near $70 from its $100 par value before a rebound. To defend the peg, Strategy raised…

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