CryptoQuant on June 24, 2026 called on Strategy, the corporate Bitcoin buyer holding 847,363 BTC, to stop accumulating and rebuild cash before resuming purchases, warning that rising dividend obligations have cut the company's coverage window from more than seven years to roughly 14 months.
Preferred shares at a 17.5% discount; annual dividends nearly quadrupled
Strategy's STRC preferred shares (issued to fund Bitcoin purchases) now trade at about $82.50, a 17.5% discount to their $100 par value. Annual dividend obligations have nearly quadrupled to $1.2 billion since January, while cash reserves have fallen 38% to roughly $1.1 billion. CryptoQuant CEO Ki Young Ju said the company needs $2.8 billion in cash before it can responsibly resume buying.
All 2024–2026 purchases underwater; MSTR near a 52-week low
Strategy carries a $10.6 billion unrealized loss on its entire Bitcoin position; every coin purchased in 2024, 2025, and 2026 is currently underwater. MSTR common shares fell to near their 52-week low of $103.52 on Tuesday.
Schiff raises forced-sale scenario
Gold advocate and longtime Bitcoin critic Peter Schiff raised the possibility of forced sales on June 24. "If short sellers push [$MSTR]'s price low enough, they can put [@Saylor] in a position where his best option would be to sell Bitcoin to buy back stock," Schiff wrote. He added: "That would reduce the discount, but it may not raise the share price, as Bitcoin will crash. That's the box Saylor put himself in." Schiff's warning is his own analysis, not a company statement or confirmed outcome.
