Cryptocurrency expert and ideologue Shanaka Anslem Perera has announced an astonishing financial miscalculation that could shake society. Bitcoin (BTC) market. Perera analyzed business intelligence firm Strategy's vast Bitcoin holdings and exposed structural flaws in the company's approach to Bitcoin. Corporate virtual currency accumulation. The critic's report details how a financial architecture designed to secure hundreds of thousands of BTC is both mathematically and operationally unsustainable and can pose risks to both the strategy and the market.
Strategy's $48 Billion Bitcoin Error
According to Perera's report, published On Monday, November 24, Strategy highlighted the company's disclosure that it currently holds 649,870 Bitcoins, purchased at an average price of $74,433 per coin, for a total value of $48.4 billion. This large holding is equivalent to approximately 3.26% of the maximum supply of BTC. Cryptocurrency expert noticed The accumulation was said to have been financed through a complex capital market vehicle, including $43.1 billion raised through near-zero interest rate convertible notes, high-yield perpetual preferred securities, and equity offerings issued at market premiums.
Perera said that on paper, Strategy's Bitcoin accumulation system was perfect. However, in reality, its structure looks like this: approaching unsustainable levels It could destroy the cryptocurrency market. The analyst said Strategy's accounting reveals a worrying reality for the company's future. He points out that the company has annual sales of $700 million, but only $54 million in cash. preferred dividend.
Perera likened Strategy's structure to a pyramid scheme, noting that the software business is reportedly generating negative cash flow, forcing it to rely on continued financing to pay down existing debt. He said the company's business model used to work because stock trading was at a premium to net asset value, allowing for recursive Bitcoin accumulation. However, that premium fell to match its value in November 2025, halting the cycle and exposing the company to the risk of dilution.
Mr. Perera further clarified that: preferred stock Things got even worse for Strategy. His report said the dividend rate had previously increased from 9% to 10.5% to attract investors. stock prices fell. But he warned that further declines were possible. Force a company to sell its Bitcoin holdings Paying dividends goes against the strategy behind betting on Bitcoin.
Additionally, upcoming events include: MSCI index Strategy could be forced to sell billions of Bitcoin in January 2026, creating a potential nightmare for the crypto market. Perera said past events such as the October 10 crash $19 billion position eliminatedhighlighting the risks of large corporate Bitcoin holdings.
Large-scale BTC sales could threaten market stability
Perera also disputed Strategy's recent claims. 71 years of dividend historythe company calculated by dividing its total Bitcoin holdings by its annual dividend obligation. The crypto analyst revealed that these claims ignore market realities, tax implications, and liquidity limitations for sovereign-scale BTC sales.
He noted that Strategy assumes it can sell $1 billion in Bitcoin per year without affecting the price. However, the October 10 crypto crash proved this assumption wrong, as markets are unable to absorb large sell-offs during times of stress.
Given the precarious situation, Perera predicts the market will deliver its verdict by March 2026. Does the strategy need to be restructured and scaled back to survive, or does the company's bitcoin financial model It can collapse as a failed experiment. During this period, The strategy could sell some of its Bitcoinwhich could put pressure on BTC price.
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