Strategy's Financing Model for Purchasing 840,000 BTC Sparks Controversy

TechFlow news, July 16, according to Cointelegraph, Strategy (formerly MicroStrategy) currently holds 843,775 bitcoins, valued at over $54 billion, making it the largest corporate Bitcoin holder globally. On June 29, the company launched a new capital framework allowing the sale of Bitcoin to fund preferred stock dividends, and disclosed the sale of 3,588 BTC, marking the largest disposal since adopting BTC as its primary reserve asset in 2020.

As of the end of May 2026, Strategy had $6.7 billion in convertible notes and $15.5 billion in preferred stock for purchasing coins. Supporters view it as an evolution of institutional-grade treasury management, but critics point out that the model relies on Bitcoin appreciation and continuous financing, and if the market comes under pressure, it may face the risk of a "death spiral."