The crypto market has barely recovered from its recent correction, but one looming situation could become an even bigger catalyst. Analyst Shanaka Anslem Perera posted a viral breakdown on X arguing that Strategy Inc., the company holding the largest Bitcoin treasury on Earth, may be heading toward a structural failure within the next three months. Strategy owns 649,870 BTC, equal to 3.26 percent of all Bitcoin that will ever exist, with a total acquisition cost of $48.37 billion. On paper, that sounds like an unbeatable long-term position. The problem lies in the financing.
Public filings show Strategy has only $54 million in cash left. At the same time, it owes $700 million per year in preferred stock dividends. Its software business does not generate meaningful free cash flow, so the company relies entirely on raising new capital to pay those dividends. Perera highlighted that Strategy raised $19.5 billion in the first nine months of 2025, and most of that went toward servicing previous debt obligations, not buying more Bitcoin. When a company must continually borrow just to pay interest on older borrowing, the structure begins to resemble Ponzi-style financing.
For years, Strategy avoided this problem because its stock traded far above the value of its underlying Bitcoin. When equity was issued at a premium, the company could raise money without diluting BTC per share. That mechanism broke in November 2025 when the premium collapsed to parity. Now issuing stock would dilute shareholders and shrink Bitcoin exposure per share, destroying the logic behind its accumulation strategy.
Analysis of Strategy Inc.'s Financial Situation
THE $48 BILLION MATH ERROR
— Shanaka Anslem Perera ⚡ (@shanaka86) November 23, 2025
Strategy Inc. just disclosed something extraordinary. They own 649,870 Bitcoin. That is 3.26 percent of every Bitcoin that will ever exist. Total cost: $48.37 billion.
They also disclosed the numbers that prove this cannot survive the next 90 days.… pic.twitter.com/SIEI6njNyB
To attract buyers for preferred shares, Strategy raised its dividend rate from 9.0 percent in July to 10.5 percent by November. If the stock keeps falling, that number may need to rise again. Perera argued that this dynamic can only stretch so far before the company is forced to sell Bitcoin to meet obligations. Selling large blocks of Bitcoin during a weak market would accelerate downside pressure and weaken future fundraising even more.
Potential Market Impact and Future Outlook
The biggest inflection point arrives January 15, 2026. MSCI will decide whether companies with more than half their assets in digital currencies should be removed from major stock indices. Strategy’s balance sheet is 77 percent Bitcoin, so removal would be automatic. JPMorgan estimates that index exclusion could trigger up to $2.8 billion in forced selling, with total outflows reaching $8.8 billion. Algorithms do not care about fundamentals. If delisting triggers liquidation, shareholders have no vote.
Bitcoin’s October 10 crash offered a preview of what forced selling could look like. When price dropped 17 percent, order book liquidity evaporated, and $19 billion in leveraged positions were liquidated in 14 hours. If Strategy were required to sell even 100,000 BTC under similar conditions, the market may not be able to absorb it without severe dislocation. That would not reflect Bitcoin’s long-term value, only the technical fragility of centralized corporate ownership.
Perera’s point is not that Bitcoin is broken. He believes Bitcoin will outlive any single company. The real question is whether publicly traded corporations can sustainably operate as sovereign-scale Bitcoin holders while juggling quarterly refinancing, rising dividend costs, and index eligibility. Governments and central banks can hold reserves indefinitely. Corporations must answer to short-term capital markets.
The next 90 days will test that distinction. If Strategy restructures and finds stable financing, the market will move on. If not, the first major experiment in corporate Bitcoin monetization may end far sooner than anyone expected.
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