Strategy: The Capital Stack Meets a Falling Bitcoin Price

IntelligenceJune 23, 2026, 9:29AM EDT
UPDATED: June 23, 2026, 9:33AM EDT
Strategy: The Capital Stack Meets a Falling Bitcoin Price
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Below is a summarized version of The Block Research's Strategy: The Capital Stack Meets a Falling Bitcoin Price report. The full PDF version of this report is accessible here.

Strategy Inc., formerly MicroStrategy, faces the first real test of its Bitcoin-treasury model. It holds 847,363 BTC acquired for $64.10 billion, or an average of $75,651. At a treasury value of about $54.7 billion, it is about $9.4 billion underwater, about 14.6% below cost.

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