one

Dissents should occur during “difficult moments like the current one, where the Fed’s two goals are in tension,” said Kohn.

“The honest answer with everyone that I talk to is no one was expecting this,” he said.

As long as crypto-treasury companies struggle, it will be hard for them to buy crypto, removing a marginal buyer, or one capable of moving prices, traders say.

One of the challenges Ackman acknowledges is the need to generate enthusiasm for Pershing Square USA’s closed-end structure, which has fallen out of favor with investors.

Similar funds—including one Ackman listed a decade ago in Europe—trade at a discount to the net value of their holdings.