Shanaka Anslem Perera, a crypto pundit and ideologist, has just unveiled a staggering financial miscalculation that could shake the Bitcoin (BTC) market. Perera has dissected the enormous Bitcoin holdings of business intelligence company, Strategy Inc., exposing structural flaws in the firm’s approach to corporate crypto accumulation. The pundit’s report details how a financial architecture designed to secure hundreds of thousands of BTC may be mathematically and operationally unsustainable, posing a risk to both Strategy and the market.
Strategy’s $48 Billion Bitcoin Error
Perera’s report, published on Monday, November 24, highlights Strategy’s disclosure that it currently holds 649,870 Bitcoin, purchased at an average of $74,433 per coin, totaling $48.4 billion. This massive holding represents about 3.26% of BTC’s maximum supply. The crypto pundit noted that the accumulation was financed through complex capital market instruments, including $43.1 billion raised via convertible debt with near-zero interest, high-yield perpetual preferred securities, and equity offerings issued at market premiums.
According to Perera, on paper, the mechanics behind Strategy’s Bitcoin accumulation were flawless. However, in practice, the structure is now approaching levels of unsustainability that could break the crypto market. The analyst disclosed that Strategy’s accounting reveals a concerning reality for its future. He notes that the company has only $54 million in cash against $700 million in annual preferred dividends.
Perera likens Strategy’s structure to a Ponzi Scheme, noting that the software business reportedly generates negative cash flow, forcing it to rely on continuous capital raises to service existing debt. He said that the firm’s business model worked previously because equity trades were at a premium to net asset value, enabling recursive Bitcoin accumulation. However, that premium fell to match its value in November 2025, stopping the cycle and putting the company at risk of dilution.
Furthermore, Perera revealed that preferred stocks made Strategy’s situation much worse. According to his report, dividend rates rose previously from 9% to 10.5% to attract investors as share prices fell. However, he warns that any further declines could force the company to sell its Bitcoin holdings to pay dividends, which goes against the strategy behind its BTC bet.
Moreover, upcoming events like the MSCI index in January 2026 could force Strategy to sell billions of Bitcoin, potentially becoming a nightmare for the crypto market. Perera highlighted that past events, such as the October 10 crash, when $19 billion in positions were wiped out, highlight the risk of large-scale corporate Bitcoin holding.
Large-Scale BTC Sales Could Threaten Market Stability
Perera has also challenged Strategy’s recent claim of 71 years of dividend coverage, which the company calculated by dividing its total Bitcoin holdings by annual dividend obligations. The crypto analyst disclosed that these claims ignore market realities, tax implications, and the liquidity limits of sovereign-scale BTC sales.
He pointed out that Strategy assumes they can sell $1 billion of Bitcoin annually without affecting the price. However, the October 10 crypto crash proved that this assumption is false, as the market is unable to absorb large-scale selling during periods of stress.
Given the risky situation, Perera predicts that by March 2026, the market will deliver a verdict. Strategy may either have to restructure and shrink to survive, or the corporate Bitcoin treasury model could collapse as a failed experiment. During this period, Strategy could sell a portion of its Bitcoin, which could put pressure on the BTC price.
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