Strategy’s aggressive Bitcoin (BTC) strategy is again under criticism. The company is allegedly facing complex financial maneuvers to support its stakes.

Although its 2025 convertible title has already been rescued, concerns remain about the company’s long -term financial stability. In particular, their continuous debt dependence and shares dilution to maintain their Bitcoin purchases generated controversy.

Dilution of shares and debt weigh on strategy

Recentemnte, Strategy (Antiga Microstrategy) announced The launch of a new offer of perpetual preferred actions called STRF or “Strife”.

… Strategy today announced the launch of US $ STRF (Strife), a new offer of perpetual preferred shares, available to institutional investors and some non -institutional investors, said company executive president Michael Saylor, stated.

Some analysts see the measure as a desperate attempt to raise money. Cinneamhain Ventures partner Adam Cochran pointed out that the company faces a precarious financial position. He pointed out that, despite its $ 53 million operational cash flow, it has a negative free cash flow of $ 1.06 billion.

This means that, even with the value of the price of Bitcoin, the company’s financial obligations are increasing.

These title emissions continue to get worse every year, diluting the assets they have issued against, Cochran declared.

Microstrategy’s 2025 convertible title has already been rescued. However, the company still faces a debt of $ 1 billion with due expiration in 2027. In addition, its new offer of shares suggests an increasing urgency to deal with liquidity concerns.

… So, this perpetual offer desperate with 10% compound yield, in a company that is worth 6 times its equity value and is losing money, has no immediate use either. You have to work to pay the $ 1 billion debt of 2027, while it pays it, it added.

Despite these financial pressures, Strategy continues its aggressive Bitcoin buying strategy. Earlier this week, the company bought $ 10.7 million in Bitcoin, its smallest purchase of 2025. This raises questions about whether the company’s cash reserves are starting to run out under its debt load.

Bitcoin strategy faces increasing financial pressure

Recently reports have emerged suggesting that Strategy can be forced to sell part of its $ 43 billion stakes in Bitcoin if financial conditions get worse.

Such sale could cause low pressure on the price of bitcoin. However, experts warn that the biggest risk is for Microstrategy shareholders, who would suffer a significant drop in shares.

Maintaining investor confidence will be crucial for MSTR in the midst of falls, Kobeissi Letter noted.

Another major problem faced by Microstrategy is its continuous fiscal dilemma. Analysts pointed out that the company faces significant tax liabilities. Obligations arise as their participation in Bitcoin can further aggravate their financial position.

All debt MSTR has taken over to buy Bitcoin is not guaranteed against Bitcoin. There can be no margin call against bitcoin, investor British Hodl noted.

With a tax burden that can reach billions, they remain questions about how the company intends to balance its obligations while still buying Bitcoin.

Microstrategy’s difficulties highlight the broader market concerns about highly leveraged bitcoin strategies. While Saylor fervently defends Bitcoin, many criticize his approach to finance these purchases for considering it excessively risky.

As the competition in the Bitcoin corporate investment grows and investors are more cautious, the market will continue to closely observing Microstrategy’s financial maneuvers.

Beincrypto data show that Bitcoin was being negotiated for $ 83,563 at the time of this report. This represents a modest gain of 0.89% in the last 24 hours.