According to external sources, as Bitcoin fell by $60,000, Strategy was experiencing one of the most obvious stress tests in recent years, relying on “financing - buying bitcoin - increasing stock prices - continuing financing” over the past few years. The focus of the debate is not only on the book losses but also on whether the structure will continue to provide cash flow and financing capacity.

Strategy currently holds 847,363 bitcoins, one of the largest listed companies in the world. According to the data, the average purchase cost is about $75,650, which is behind the bitcoin back, and this part of the warehouse is already running a deficit of about $12 billion.

The three pillars are weak.

According to the article, the Strategy model relies on three components to support each other. The first is the bitcoin itself, which, as a reserve asset, can add value but does not generate interest or dividends and does not directly cover the company ' s cash expenditures. The second is regular shares of MSTR. In the past, as long as there was a premium on the relative net holding value of the stock, the company would be able to raise the stock on more favourable terms and continue to buy the currency.

But this condition was relaxed in June 2026. MSTR fell by $100, for the first time in approximately two years, and is lower than it holds a bitcoin equivalent. For a company that relies on equity-based financing to expand, this means that the previously most critical financing engine is starting to slow.

The third part is the priority share STRC. The tool was originally designed to trade close to $100 and to attract a purchase via floating dividends. Today, STRC fell to about $74, clearly deviating from its design objectives, indicating that the market ' s confidence in its dividends sustainability is diminishing.

STRC becomes the current stress center

According to the article, the most immediate risks are concentrated in STRC. As Strategy continued to issue these priority shares in the first half of 2026 to finance the purchase of currency, its annual red-red obligation rose from about $300 million at the beginning of the year to about $1.2 billion, a nearly fourfold increase in less than six months.

At the same time, the company ' s cash reserves declined by about 38 per cent over the same period. It is mentioned that a portion of this consumption came from revolving debt buy-backs of about $1.5 billion in May. The reduction in cash and the rise in the dividends obligation led to a marked contraction in coverage capacity. Analysts estimate that the company ' s cash covers the duration of the STRC bonus, which has dropped from more than seven years to about 14 months.

What's more difficult is that STRC uses a cumulative red-red structure. If the company skips payment, the amount will not disappear but will need to be followed up. This makes it difficult for Strategy to retain cash by simply suspending the dividends, which would further undermine the confidence of preferred equity investors.

  • STRC dropped to about $74 at one time
  • The annual red obligation rises to about $1.2 billion.
  • Cash cover period reduced to approximately 14 months

Citing CriptoQuant ' s calculations, the article states that, in order to restore the divided red cover to about 24 months and to help STRC return to a near anchor level, Strategy needs to rebuild its cash reserves to about $2.8 billion, compared to about $1.4 billion. On the basis of this judgement, CriptoQuant recommended that the company suspend the purchase of bitcoin and give priority to cash replenishment.

Legal investigations and widening of market differences

In addition to financial pressures, a firm of lawyers has initiated a securities fraud investigation into Strategy and Michael Saylor, which has further amplified external concerns. The article argues that this has shifted the problem from mere market fluctuations to a combined test of corporate financing commitments, cash capacity and investor confidence.

Saylor responded that the company still held more bitcoin and cash than the total debt of about $48 billion, and that it had experienced a more severe down-market phase in 2022. Proponents thus argue that it is more like a shock of confidence, and as long as the price of bitcoin rises, the MTR premium and financing capacity may still recover.

However, the questionrs are concerned with another point: if Bitcoin is underrated for a long time, and MSTRs continue to trade in discounts, Strategy may increase significantly in the future, both in terms of distribution and in terms of distribution priorities. At that time, this model of currency purchase, which relies on continued cooperation from capital markets, may no longer be as smooth as in the past.

The article concluded that two of the most critical observations followed: whether Bitcoin prices could rise back, and Strategy could re-establish a thicker cash buffer. If neither improves, the current pressure may shift from a phased retreat to a deeper questioning of its treasury model.