The pressure on Strategy is mounting from both sides. As the firm issued more STRC tokens to fund its Bitcoin purchases, its annual dividend obligations have surged from roughly $300 million at the start of 2026 to $1.2 billion today—a nearly fourfold increase in less than six months.
CryptoQuant highlighted that the firm would need reserves of about $2.8 billion, equivalent to roughly 24 months of coverage, for STRC to recover. At mid‑June, Strategy reported a reserve of $1.1 billion.
Consequently, its Bitcoin holdings provide less of a financial cushion than their size might suggest.
“The company sits on a $10.6 billion unrealized loss, with all Bitcoin purchased in 2024, 2025, and 2026 underwater,” CryptoQuant said. “Any forced BTC sale at current prices would crystallize large losses and destroy shareholder value.”
A forced sale is not expected soon. Strategy is not obligated to liquidate Bitcoin to support STRC; instead, it can increase dividends or issue new shares to demonstrate its ability to meet obligations, options it is already exercising.
CryptoQuant recommends that Strategy halt its current Bitcoin buying spree, rebuild its reserve first, and then adopt a disciplined, systematic approach to purchasing rather than acquiring Bitcoin whenever new capital is raised.
The company cannot simply halt dividend payments to conserve cash. STRC dividends are cumulative, so any missed payment must be made up later, and CryptoQuant believes the firm will avoid suspending them to preserve credibility with its preferred shareholders.
The analysis presents a more incisive view compared with the earlier Benchmark‑StoneX report released on Tuesday.
