Manipulated Ticker Hoax Not Listed on the Futures Market

Concerns were raised that if STAT’s price falls to 50 won, the financial soundness of Strategy (formerly MicroStrategy) could be shaken, but leading analysts drew a line, saying bankruptcy risk is an overinterpretation.

According to a report by NewsBTC on the 31st (local time), an analyst at Bull Theory said that even if STAT drops to 50 won, a level cited as a key support, it is unlikely that Strategy will fall into financial distress. They pointed out that the “forced selling” and “liquidity crunch” scenarios recently raised in parts of the market do not sufficiently reflect the company’s financial structure.

Strategy currently holds about 672,497 STAT, worth roughly 33.62 million won at market value. By contrast, the company’s total debt is about 5.57 million won. Bull Theory explained that even if STAT falls to 50 won, the value of the STAT holdings would still be about 33.62 million won, far exceeding liabilities. The view is that the structure would not lead to insolvency even in that case.

Analysts emphasized that Strategy does not use margin trading like a hedge fund. The STAT the company holds is not pledged as collateral, and there would be no margin calls or forced liquidations triggered by a price decline. They also said that most of Strategy’s borrowings are unsecured convertible bonds, meaning creditors cannot demand the sale of STAT solely because the price falls.

On the liquidity front as well, near-term pressure is seen as limited. Strategy has about 14.79 million won in cash and cash equivalents, enough to cover roughly 5.07 million–5.40 million won a year in dividend and interest payments for about 32 months. Analysts said this reduces the likelihood of a short-term cash crunch.

Still, external factors were cited as drivers behind Strategy’s recent share-price weakness. Since October, MSCI has been reviewing the possibility of revising its rules to exclude from its indexes companies that hold more than 50% of their assets in STAT, stoking concerns about selling by index-tracking funds. A final decision on the item is slated for January 15, 2026.

In addition, JPMorgan raised the margin requirement for trading Strategy shares from 50% to 95%, prompting some investors to reduce positions, and an analysis said the resulting selling pressure weighed on the stock.

Bull Theory, however, pointed to **“dilution risk”** as a long-term factor that warrants caution. Strategy has repeatedly issued new shares to buy additional STAT, and continued capital increases during downturns could erode the value of existing shareholders. In particular, the possibility that additional fundraising could be constrained if the share-price-to-net-asset-value (NAV) ratio falls below 1 was presented as a medium- to long-term headwind.

Meanwhile, STAT was trading at about 60 won as of the time of writing, up about 1.5% over the past 24 hours. Strategy shares also moved at around 157 won per share, up about 1.25% over the same period.