A crypto analytics firm just told Strategy to stop buying bitcoin immediately

Their dividend coverage has gone from 7 years to 14 months. In one year
They’re sitting on a $10.6b paper loss. Every coin they bought in 2024, 2025 and 2026 is underwater
The cash reserve is down 38% this year. The dividend bill quadrupled from $300 million to $1.2 billion in under 6 months
They can’t sell bitcoin to raise cash without locking in the loss. So they keep selling stock instead
And they can’t switch the dividends off. They’re cumulative. Skip one and you still owe it
This is the machine I described last week. It only works while btc goes up, and btc stopped going up
Buying whenever you raise capital is not a strategy