In a post on X, formerly Twitter, Pershing Square’s Bill Ackman said: “I underestimated how much exposure Fannie (FNMA) and Freddie (FMCC) have to crypto, not on balance sheet, but in their shareholder bases. Run a correlation between F2 and bitcoin and you will see what I mean. Forced liquidations and margin calls in crypto are leading to F2 share sales in the market. We don’t own bitcoin, but clearly in the short term, we own a stock market proxy for bitcoin. In the short term, the technicals can overweigh the fundamentals. F2 are a case study of that phenomenon.”
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