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Analyst: Strategy faces four major pressures, including declining STRC financing ability, but there is no systemic risk at this time.
However, Axel Adler believes that the current impact of Strategy on the Bitcoin market is mildly negative and does not constitute systemic risk, and there are no short-term blocks requiring large-scale Bitcoin selling.
Strategy has also previously clarified that holding stocks does not equate to holding Bitcoin, as there are no BTC redemption rights and no mechanisms similar to spot ETFs for subscription and redemption to maintain share price and net asset value synchronization.
If Bitcoin recovers above its average cost and the market re-allows issuing stocks and preferred shares at lower costs, Strategy may restart the "Bitcoin flywheel" and restore market confidence.