Key Insights:
Strategy is the top Bitcoin proxy, and investors now watch how it keeps buying without becoming a forced seller.
The key risk is Sept. 15, 2027, when $1.01B in converts can demand cash if the stock stays below ~$183.
Spot Bitcoin ETFs crushed Strategy’s premium, making share issuance—and dilution—more obvious.
Strategy (formerly MicroStrategy) is now walking a tight line with its plan to protect its Bitcoin stash, and yet it keeps leaning on new share sales to fund the strategy.
Over time, that trade-off has turned the company into Wall Street’s most liquid Bitcoin stand-in. Since its MicroStrategy days, Strategy has tapped common stock, convertible debt, and preferred shares to stack more BTC and reshape its balance sheet around the asset.
Still, the mood has shifted. With Bitcoin sitting around $68,000 and Strategy shares stuck below $130, investors now focus less on the headline BTC stack and more on the plumbing behind it.
They want to know how
We współpracy z: https://www.thecoinrepublic.com/2026/02/18/strategy-faces-dilution-risk-more-than-10k-btc-scenario/
