The company Strategy has acquired a significant amount of Bitcoin; however, its growth is accompanied by certain risks. This article examines recent achievements as well as potential threats.
Bitcoin Acquisition and Current Value
The company Strategy owns about 3% of the total Bitcoin supply. As of the end of June 2025, it had purchased 597,000 bitcoins for $42.4 billion, which are currently valued at around $51.5 billion.
Accounting Rule-Related Risks
The company highlighted potential risks in its filing with the SEC on July 7, 2025. One issue is the accounting rule ASU 2023-08, requiring Bitcoin’s current value to be accounted for, potentially leading to tax liabilities based on unrealized profits. From 2026, the company may face a 15% Corporate Alternative Minimum Tax (CAMT). It stated: "We may need to liquidate some of our Bitcoin holdings or issue additional debt or equity securities to raise cash sufficient to satisfy our tax obligations."
Financial Structure and External Risks
The company is facing issues related to managing its debt obligations. It currently has $8.2 billion in convertible debt and $3.4 billion in preferred stock. Annual payments on interest and dividends exceed $350 million. If the company cannot raise new funds, it may be required to sell Bitcoin.
Despite impressive achievements regarding Bitcoin acquisition, Strategy faces several financial and legal risks that could impact its investment strategy.
