Bitcoin's BTC/USD long-term price stability could increasingly depend on corporate treasuries rather than organic market demand, according to analysts raising concerns about Strategy's MSTR capital strategy and the broader role of treasury-driven buying in setting floors.

What Happened: Nick G., an independent market analyst, argued that Strategy's credibility in raising capital has eroded.

"Saylor flat out lied when he said he would not issue again below 2.5x mNAV. Trust is lost," he said on Tuesday on X, warning that the company may find it "almost impossible to issue" further instruments.

Nick G. suggested Strategy could ultimately resemble "a cash bleeding closed end fund" if common equity issuance and dilution remain its only viable options.

He added that collapsing Bitcoin volatility, combined with MicroStrategy's stock trading at volatility levels far above Bitcoin itself, may limit the company's ability to raise debt or preferred securities.

That dynamic, he warned, could leave equity issuance as its only tool to cover interest obligations.

A different scenario was outlined by pseudonymous trader Crypto Chase, who pointed to Bitcoin's potential to test the "low 100K's" as a critical level.

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He suggested corporate treasuries like Strategy could coordinate bids near that range to prevent cascading liquidations.

"Saylor coordinates with other TCO's to put in a floor near 100K," Crypto Chase wrote, framing the level as both technically relevant and strategically defensive.

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According to his analysis, such coordinated buying could provide temporary stability, but would underscore Bitcoin's increasing reliance on concentrated corporate actors rather than distributed market support.

He warned that if early Bitcoin holders, or "OG whales," view corporate buying as exhausted, they could sell into the rally, triggering retracements.

Further stress below $100,000, he added, could expose more aggressive treasury-backed firms to liquidation risk.

Together, the two perspectives highlight the structural tension in Bitcoin's maturing market: while corporate treasuries have bolstered legitimacy and inflows, they may also introduce systemic fragility.

If trust in corporate issuers like Strategy erodes, or if coordinated buying proves unsustainable, Bitcoin could face sharper dislocations.

Why It Matters: Strategy, led by Michael Saylor, has become the largest publicly listed holder of Bitcoin, with over 214,000 BTC acquired as of August 2025, according to company filings.

The analysts' warnings raise questions about whether corporate treasuries can serve as stabilizers, or if their concentration of holdings and reliance on issuance could amplify risks in a downturn.

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