Strategy, formerly MicroStrategy, holds 840,447 BTC worth approximately $66 billion, representing roughly 4% of Bitcoin’s total supply cap. The company faces annualized cash obligations of around $1.76 billion, yet its enterprise software business generated only about $9.85 million in operating cash flow for the first half of 2026, covering barely three days of obligations. Since August 2020, Strategy has raised between $40 and $50 billion through equity and preferred share issuances to fund its Bitcoin purchases. With $22 billion in senior claims including $15.5 billion in perpetual preferred stock and $6.7 billion in convertible notes, its entire financial model depends on continuous capital market access. This position, acquired at an average cost basis of $75,385 per coin, represents a systemic risk for the Bitcoin market should forced selling ever occur.
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