2028 Looms as Strategy’s Critical Survival Test Despite Nasdaq 100 Retention

Despite retaining its spot in the Nasdaq 100 index, Strategy faces mounting concerns over its business model, with Tiger Research pinpointing 2028 as the critical survival test. The company dramatically increased leverage since 2024 to buy Bitcoin, leading to approximately $6.4 billion in redemption pressure from convertible bond call options maturing that year. A key vulnerability is Strategy's lack of cash flow, as virtually all raised capital was used to purchase Bitcoin instead of productive assets. If refinancing fails in 2028, Strategy might need to sell around 71,000 BTC, potentially causing significant market impact. While its static bankruptcy threshold is $23,000 (as of 2025), the company's reliance on leveraged Bitcoin accumulation raises questions about its ability to meet looming debt obligations.

(Source：BeInCrypto)