The challenge surrounding the structure of Strategy ' s asset liability, according to foreign media, rose again as Bitcoin prices fell. According to analysts Charles Edwards, a long-standing, large-scale Bitcoin-holding company, the current model is over-reliant on continued increases in currency prices, and debt pressures may increase rapidly once markets are weak for a long time.

Holder size and book pressure

Citing data as at the end of June 2026, the report states that Strategy currently holds 847,363 BTCs, with a carrying value of approximately $53.1 billion. With an average purchase cost of approximately $75,646, the company ' s unrealized losses have exceeded $11.1 billion.

Edwards also noted that the total amount of obligations associated with digital tokens had risen to $12.199 billion and the return on the products in question had risen to 11 to 15 per cent in the secondary market. In his view, that reflected growing market concerns about the risk of corporate default.

The three-step programme deals with obligations first

Under the Edwards proposal, the first step would be to fully liquidate the debt, repay this portion of the $12.199 billion obligation, and close down products with “manual gains” characteristics, allowing companies to revert to a purely bitcoin-held structure.

The second step was to stop buying money at high prices on the open market and to move to buying the digital asset bank structure company that traded at discounts. It was mentioned that such targets could have a discount of more than 50 per cent on the value of their relative net assets and that, if acquired, there could be more low-cost indirect access to bitcoin and greater market integration.

Target turned to Bitcoin Bank.

The last step of the programme was the conversion of Strategy to a Bitcoin-centred financial institution, providing BTC loan and settlement services, with more liquid, strictly disposed of collateral as the basis for its operations.

Edwards believes that such an adjustment would reduce the risk of additional bonds in the event of market decline. At the same time, he warned that if the painful but necessary debt restructuring was not moved forward as soon as possible, the current debt burden could eventually burst like a bubble.

Additional information:The above elements are derived from the restructuring envisaged by the external analyst, and the original text does not show that Strategy has adopted the relevant programme.