Strategy’s Stretch doesn’t resemble the stablecoin that brought crypto to its knees in 2022, according to Benchmark-StoneX’s Mark Palmer.

STRC’s slide below par has revived Ponzi claims, slowed Strategy’s Bitcoin buys and sparked debate over whether Michael Saylor’s BTC flywheel is still fine.

Benchmark said STRC's drop below $83 was a leverage flush, not a "depeg," and reiterated its $570 target on Strategy.