Strategy is overhauling its Bitcoin treasury model — abandoning its 'never sell' posture, pausing purchases, and restructuring capital amid mounting unrealized losses and STRC preferred stock stress.
Strategy published the minimum Bitcoin annual return threshold below which the company may need to restructure, providing a quantified leverage risk floor for institutional observers. The company simultaneously unveiled a $54.88 billion Bitcoin holdings transparency dashboard and overhauled its reporting metrics to include a 'Net Bitcoin Per Share' figure. MicroStrategy separately disclosed that Bitcoin needs only approximately 3.3% annual appreciation to fund dividends indefinitely, per its own calculation.
