The big question this cycle: Will Strategy really blow up? First: They’re still holding over 840,000 $BTC, about 4% of the total supply, with an average cost of $75,500 per coin. Second: Their cash reserves have piled up to over $3.2 billion, enough to cover more than a year’s worth of preferred stock dividends and interest (burning roughly $1.7–1.8 billion annually). Third: With over $10 billion in debt from preferred stock and convertible bonds weighing them down, they’ve directly authorized selling Bitcoin if necessary to replenish cash reserves. If Bitcoin really crashes below $40K, losses will explode, and the pressure will double. Now they’ve gotten smarter—no more blind buying. Instead, they’re stockpiling cash, pausing on adding positions, and selling when needed to pay the bills.