Strategy holds 840,447 BTC valued at $66.7 billion with a cost basis of $63.36 billion, according to an analysis from Regime Intelligence. The company’s main risk is not a Bitcoin price crash but a loss of access to capital markets needed to service $1.76 billion in annual obligations, including preferred dividends and interest payments. The report notes that Strategy’s debt does not function like a conventional Bitcoin-backed margin loan, with no forced liquidation trigger if prices fall. Stress tests show Bitcoin would need to drop 96% before holdings no longer cover convertible notes. Despite BTC sales four times since May, the CEO stated the company has accumulated about 25 times more Bitcoin than it has sold this year.
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