[Strategy's Annual Debt Obligations Approximate $1.76 Billion, $66.7 Billion Bitcoin Holdings Rely on Capital Market Financing] Odaily Planet Daily reports that Bitcoin treasury company Strategy's Bitcoin holdings are currently valued at $66.7 billion, with annual obligations for preferred stock dividends and interest amounting to approximately $1.76 billion. Regime Intelligence analysis reveals that the company's 840,447 Bitcoins correspond to approximately $22 billion in debt and senior claims, with ongoing access to capital market financing serving as the foundation for meeting these obligations. Stress tests indicate that Bitcoin prices would need to drop by approximately 96% for Strategy's Bitcoin holdings and reserves to fall short of covering convertible debt; its debt is not tied to traditional Bitcoin collateralized margin loans and does not trigger BTC margin calls due to price declines. Report author Sherif Saad states that Strategy must maintain a financing cycle to cover annual debt and preferred stock expenses, with current cash reserves sufficient to cover related annual costs by approximately 2.6 times. If financing conditions deteriorate, the company may rely more heavily on reserves and Bitcoin sales to meet obligations. Since May, Strategy has sold Bitcoin four times, most recently selling 1,690 Bitcoins, with proceeds used to pay preferred stock dividends, repurchase shares, and increase USD reserves. CEO Phong Le stated earlier this month that the company has purchased approximately 25 times the amount of Bitcoin it sold this year and plans to resume purchases later this year. (Cointelegraph)