Strategy’s 840k BTC financing-and-buying model sparks controversy

Deep Tide TechFlow message: On July 16, Cointelegraph reported that Strategy (formerly MicroStrategy) currently holds 843,775 BTC worth over $54B, making it the largest corporate Bitcoin holder globally. On June 29, the company launched a new capital framework that allows it to sell Bitcoin to fund preferred stock dividends, and disclosed the sale of 3,588 BTC, its largest-scale disposal since it adopted BTC as its primary reserve asset in 2020.

By the end of May 2026, Strategy had $6.7 billion in convertible notes and $15.5 billion in preferred stock earmarked for buying. Supporters view it as an evolution of institutional treasury management, but critics note that the model depends on Bitcoin appreciation and ongoing financing, and could face the risk of a “death spiral” if the market comes under pressure.