Major Wall Street brokerages assessed market concerns over the possibility of a forced bitcoin sale by Strategy as unlikely.

CoinPost, a blockchain media outlet, reported on Monday that Benchmark and TD Cowen said in reports they see a low chance of a forced sale of Strategy’s bitcoin and maintained their existing “Buy” ratings.

Recently, market concerns have been raised that Strategy’s funding structure using preferred shares could lead to cascading selling pressure if bitcoin prices plunge. U.S. business magazine Fortune pointed to the preferred share-based funding structure as a potential risk factor in a report on June 9. After that, speculation spread that Strategy might ultimately have to dispose of its large bitcoin holdings.

Benchmark analyst Mark Palmer (마크 팔머) countered that such views oversimplify the actual structure. He said the forced-sale scenario is “based on the assumption that Strategy sells its bitcoin holdings due to short-term negative factors.” He added that “several important steps are omitted in real-world conditions.”

Palmer stressed that before moving to sell bitcoin, Strategy could first use about $1 billion in cash-like assets it has secured to pay preferred dividends. He also pointed out that STRC, a key funding tool in the form of perpetual preferred shares, has no maturity and therefore does not create short-term redemption pressure.

He said Strategy’s bitcoin reserve, currently valued at about $55 billion, would require the company to face “a series of failures” before it is seriously discussed as a sale target. He assessed that the structure does not lead to large-scale selling based on a simple price decline alone.

TD Cowen offered a similar analysis. Analysts Lance Vitanza (랜스 비탄자) and Jonathan Navarrete (조너선 나바레테) judged STRC’s dividend burden to be manageable given Strategy’s level of cash holdings. They also said Strategy’s bitcoin treasury strategy needs bitcoin prices to maintain at least a mild upward trend over the long term in order to remain sustainable.

TD Cowen also focused on STRC’s investment characteristics. The report said STRC has significantly reduced volatility in down markets and has delivered positive or flat returns even during sharp bitcoin declines. It said STRC, unlike bitcoin with its high price volatility, could be used as a means of capital preservation and securing stable income.

One direct trigger that amplified market worries was Strategy’s recent bitcoin sale. Strategy sold a total of 32 BTC for about $2.5 million from May 26 to 31. It was the first sale in about 4 years since 2022. The proceeds were used to pay STRC dividends, and the average sale price was $77,135 per bitcoin. On June 11, Chief Executive Phong Le (펑 르) said in a CNBC interview that it was “a move to show the market that we can sell bitcoin if needed.”

The company’s overall strategy remains focused on accumulating bitcoin. Strategy said on Monday that it bought an additional 1,587 BTC last week for about $100 million. That brought its total holdings to 846,842 BTC. It previously bought an additional 1,550 BTC in the first week of June, and Le said, “This month, we have secured an additional roughly 1,500 BTC on a net buying basis.”

Bitcoin prices also rebounded, separate from forced-sale concerns. Bitcoin fell to the $59,000 range on June 6 but recovered the $67,000 level in intraday trading on Monday.

The market is watching whether Strategy’s preferred dividend structure will become a substantive burden on its bitcoin holding strategy, or remain a limited cash management tool.