Foreign media report that as Bitcoin prices retreat, concerns over Strategy's balance sheet structure are resurfacing. Analyst Charles Edwards believes that the company, which has long held large amounts of Bitcoin, currently relies too heavily on sustained price increases; should the market weaken for an extended period, debt pressures could rapidly intensify.
Position Size and Notional Pressure
The report, citing data as of June 30, 2026, states that Strategy currently holds 847,363 BTC, with a book value of approximately $53.1 billion. Given an average purchase cost of around $75,646, the company's unrealized loss has exceeded $11 billion.
Edwards also noted that the total obligations associated with digital tokens have risen to $12.19 billion, with yields on related products in the secondary market increasing to 11% to 15%. In his view, this reflects growing market concerns about the companies' default risk.
Three-step plan to address debt first
According to Edwards' proposal, the first step is to fully clear the debt, repay this $12.19 billion obligation, and shut down products with "artificial yield" features, allowing the company to return to a structure focused solely on holding Bitcoin.
The second step is to stop buying coins at high prices on public markets and instead acquire digital asset treasury structure companies trading at a discount. The report notes that such targets can trade at discounts of over 50% relative to their net asset value; if acquired, Strategy could indirectly obtain Bitcoin at a lower cost and further consolidate the market.
The focus shifts to Bitcoin banking.
The final step of the plan is to transform Strategy into a financial institution centered around Bitcoin, offering BTC loans and settlement services, with highly liquid and strictly enforceable collateral as the foundation of its operations.
Edwards believes such adjustments can reduce the risk of margin calls during market downturns. He also warned that unless painful but necessary debt restructuring is advanced promptly, the current debt burden may eventually burst like a bubble.
Additional information: The above content comes from a restructuring proposal by an external analyst; the original text does not indicate that the Strategy has adopted the proposed plan.