Strategy’s Bitcoin Treasury Nears 847,000 BTC Amid Preferred Stock Pressure

Strategy (formerly MicroStrategy) now holds about 846,842 Bitcoin, valued around $54 billion, after recent purchases that added 1,587 BTC for roughly $100 million. CEO Michael Saylor says the company’s Bitcoin and cash reserves exceed its debt by about $48 billion, a turnaround from the 2022 period when debt briefly outstripped liquid assets.

The firm’s high‑yield preferred equity unit STR C, designed to trade near its $100 par value, has slipped to a record low of $82.53 and closed below par at $88.59, raising concerns about funding for future Bitcoin buys and dividend payments. Analysts debate whether the discount signals a leverage‑wipeout risk or a structural “Ponzi” problem, while investors worry about potential forced Bitcoin sales to meet dividend obligations.

Saylor’s recent orange‑dot chart on X, which historically precedes new purchase announcements, has sparked speculation that additional Bitcoin may be bought soon. The company continues to raise capital, having gathered more than $60 billion since 2022, and maintains an 11.5% annual dividend for STR C holders. The ongoing discussion centers on the sustainability of Strategy’s Bitcoin‑backed financing model and its impact on shareholders.