Strategy Has Built a Bitcoin Bank: Here’s What Could Break It

1 month ago 30

Rommie Analytics

Key Takeaways
  • Strategy now holds 815,061 BTC worth $61.5 billion.
  • Unlike a traditional bank, Strategy cannot face a “bank run”.
  • The company carries $1.24 billion in annual dividend and interest obligations.
  • Its first major debt test arrives September 2027, when $1.2 billion in convertible notes reach their earliest put date.

Whether that structure holds through a multi-year Bitcoin downturn is the question its critics keep returning to – and the latest $2.54 billion purchase only raises the stakes.

On April 19, Strategy disclosed it bought 34,164 BTC at approximately $74,395 per coin, bringing its total holdings to 815,061 Bitcoin acquired for roughly $61.56 billion at an average price of $75,527. The purchase pushed its treasury past BlackRock’s Bitcoin holdings and was funded primarily through STRC preferred stock, which raised $2.18 billion net in a single week.

Strategy has acquired 34,164 BTC for ...

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