**[Opinion: Strategy's Preferred Stock Debt Reaches $15 Billion, Faces Pressure to Sell BTC]** BlockBeats News, May 29 – Arca Chief Investment Officer Jeff Dorman stated that Strategy's current $15 billion preferred stock financing structure has "spiraled out of control." He pointed out that these preferred shares require approximately $1.5 billion in annual dividend payments, and with the continued volatility in Bitcoin prices, this structure is becoming increasingly difficult to sustain. Strategy's financing model is built on the premise that "BTC will continue to rise significantly." Although the company previously mitigated short-term default risks by issuing additional shares, its decision to repurchase bonds maturing in 2029 is perplexing. He noted that Strategy may ultimately be left with only two options: sell BTC to pay preferred stock dividends or stop paying dividends altogether. Both scenarios would have significant impacts on the company and its investors. Meanwhile, Strategy CEO Phong Le stated in an interview with CNBC that the company "may sell Bitcoin" at some point in the future but will continue to increase its BTC holdings overall and raise the amount of BTC per share. According to Polymarket data, the market estimates that the probability of Strategy selling some BTC by the end of 2026 has risen to approximately 90%. As of now, Strategy holds a total of 843,738 BTC, with a total cost of approximately $63.87 billion and an average purchase price of around $75,700 per BTC. [Original Link]