According to external sources, Michael Saylor has continued to expand the Bitcoin reserve in recent years, but the market has again raised its doubts about this treasury strategy as the yield-type securities STRC has fallen by $100 in nominal value. The debate has focused not only on the size of the currency, but on the company ' s cash reserves, the burden of dividends and the space for subsequent financing.
Strategy currently holds 847,363 bitcoins. According to BitcoinTreasuries.NET data, the company has cumulatively completed 113 purchases and one sale since August 2020, at an average cost of approximately $75,646 and a total warehouse size of approximately $53 billion.
STRC dropped the price.
CryptoQuant ' s analysis was cited in the report as indicating that the most recent price of STRC was approximately US$ 87.65, which was clearly below the nominal value of US$ 100. At the same time, the retrenchment in the Bitcoin market has slowed down the company ' s cash position.
The article mentions that Strategy ' s annual red-red commitment has risen to approximately $1.2 billion, a marked increase over its previous period, while the company ' s cash reserves have declined by 38 per cent since the beginning of 2026. Based on this calibre, the cash available is sufficient to cover only about 14 months of split expenditure.
Critics advocate cash first.
According to Julio Moreno, director of CriptoQuant Research, Strategy should, for the time being, stop buying bitcoin and give priority to rebuilding cash reserves. His core judgement was that while there were still large bitcoin assets on the company ' s books, it was not easy to really raise money through selling.
According to the report, Strategy is still under some $10.6 billion in unrealized loss pressure. In the opinion of critics, if a company sells bitcoin at a negative time, it may further compress the value of the shareholders, and therefore it is not without cost to continue stowing.
Proponents bet on the price fix.
However, those who supported the Saylor route did not turn. The article mentions that proponents believe that STRC has a certain “self-rehabilitation” capability and that the design of the incentives is expected to lead to a recovery in demand and thus to a convergence of prices to nominal value.
Jan3 CEO Samson Mow said that he expected that it would not take long, possibly just a few weeks, for STRC to return to the face price. In other words, the difference around Strategy is not whether to continue holding bitcoin, but whether the company should slow down the purchase of currency at this stage and deal with cash and dividends pressure.