Bitcoin treasury firm Strategy holds $66.7B in BTC, with about $1.76B in annual obligations

Strategy, the Bitcoin treasury company, holds Bitcoin valued at roughly $66.7 billion, while annual obligations—primarily preferred stock dividends and interest—total about $1.76 billion, according to ChainCatcher. Regime Intelligence estimates the firm's 840,447 BTC stack supports around $22 billion in debt and other senior claims, with ongoing access to capital markets underpinning its ability to meet those payments. Stress tests suggest Bitcoin would have to fall about 96% before Strategy's Bitcoin holdings and reserves would be insufficient to cover its convertible bonds. The company's liabilities are not conventional Bitcoin-collateralized margin loans and do not carry price-triggered margin call mechanisms. Report author Sherif Saad said Strategy needs to keep its financing cycle running to fund annual debt costs and preferred stock expenses. Current cash reserves are estimated to cover those yearly costs about 2.6 times over. If financing conditions weaken, the company could lean more on reserves and Bitcoin sales to meet obligations. Since May, Strategy has sold Bitcoin on four occasions, most recently disposing of 1,690 BTC. Proceeds were used to pay preferred dividends, repurchase shares, and build U.S. dollar reserves. CEO Phong Le said earlier this month the firm has bought about 25 times more Bitcoin than it has sold this year, and it expects to resume purchases later this year.