THE RISK WAS NEVER THE PRICE — STRATEGY’S $66 BILLION MACHINE RUNS ON THE NEXT RAISE

A Regime Intelligence report reframes the Strategy bear case: the risk is not Bitcoin’s price, it is the next capital raise. The company’s 840,447 BTC ($66.7 billion) carries no traditional margin call — it would take a 96% BTC decline to deplete reserves — but roughly $22 billion in debt and preferreds demand $1.76 billion a year in dividends and interest, covered 2.6x by cash. Author Sherif Saad: “MSTR’s principal challenge is to keep the flywheel running,” and if financing sours, “raising capital would then become progressively more difficult or expensive.” The Capitalist read: the coins are not the fragile part — the access to Wall Street is. A treasury company is a bet that the market stays open, not that the number goes up. Read the cap structure, not the candle.