Strategy’s STRD credit spread has tightened over past month even as bitcoin struggles

Over the past month, the credit spread for Strategy's STRD has shown a notable tightening, signaling a positive shift in the market's perception of the associated risks. This tightening has occurred despite the fact that Bitcoin, a prominent and highly volatile cryptocurrency, has been experiencing difficulties and fluctuations in its value. This divergence highlights the complex dynamics at play in the financial markets, where traditional strategies may perform well even when specific high-profile assets like Bitcoin face challenges. source: https://www.coindesk.com/markets/2025/12/14/strategy-s-strd-draws-scrutiny-after-advocate-questions-whether-its-yield-is-mispriced