Strategy's latest statement is at a time when its priority share price volatility is increasing. The company disclosed that the Executive Chairman, Michael Saylor, was publicly defending the Bitcoin Treasury strategy, stating that the company held Bitcoin and United States dollar reserves, which together were approximately $48 billion higher than the debt.

Comparison of 2022 stress period

The company disclosed that Strategy currently held approximately 846,842 BTCs, which remained the largest listed company in the world. According to recent documents submitted to the United States Securities and Exchange Commission, the average purchase cost of the Bitcoin is approximately $75,656 per piece, while the reported spot price range for Bitcoin is about $62,500 to $63,700.

Saylor compares the current situation with the end of 2022. At that time, bitcoin fluctuated around $20,000, and Strategy held about 130,000 BTCs, valued at about $2.6 billion. Then, when Bitcoin fell by $16,000, corporate debt was once about $300 million higher than its total reserves and cash reserves.

STRC Fall $100

Another focus of the market controversy is the performance of Strategy 's priority share STRC. The product is referred to as the floating interest rate A series of permanent priority shares, designed to be traded around $100 and to pay the holder cash dividends.

Recently, however, STRC has fallen into more than 80 dollars. The company had several times adjusted the STRC dividends to an annualized level close to 11.5 per cent and adjusted the interest rate on a monthly basis to facilitate the return of the price to the face value. This source of financing can be reduced by continuing to buy bitcoin and arranging for dividends if it is below $100 in the long term.

It needs to be noted that STRC is not a direct collateral for bitcoin held by Strategy. It has a preferential right to compensation for the company ' s surplus assets and is therefore closer to credit instruments than to products that directly anchor bitcoin prices.

About $1.5 billion a year.

Discussions around Strategy also focused on cash-flow affordability. In the podcast programme, Graysdale Research Supervisor stated that it was more a matter of cash flow than of encrypted assets themselves. The reason is that the Bitcoin itself does not generate gains and that interest on preferred shares depends on cash, refinancing, additional or sold assets.

The report mentions that the combined annual red-red obligation of the Strategy ' s multiple priority stock instruments is approximately $1.5 billion, including STRC and STRK. In contrast, corporate software operations earned about $477 million in 2025 and cash reserves about $1 billion, which was insufficient to cover the year ' s priority share dividends.

In addition, Strategy recently sold 32 BTCs at an average price of approximately US$ 77,135 each to support priority share dividends. This move has received attention because the company has long been known for its continued increase in bitcoin. However, Saylor stressed that the company as a whole remained a clear net buyer.

Additional information:In a BTC Prague conversation, Saylor argued that the hardest thing for a business is not to anticipate the future, but to live long enough to make judgement a reality. This is a long-term perspective that he has repeatedly emphasized in his defence of Strategy's current capital structure.