ARCA CIO Jeff Dorman has raised concerns about Strategy's recent financial maneuvers, suggesting the company might be forced to sell some of its Bitcoin holdings. Strategy, led by Michael Saylor, recently raised $2 billion in cash, aiming to cover nearly two years of dividend obligations. The company holds 843,738 BTC, valued at over $63.87 billion, with an average purchase price of $75,699 per Bitcoin. Dorman highlighted that Strategy's financial commitments include $15 billion in preferred securities with $1.5 billion in annual dividends. Despite raising cash, Strategy used some funds to repurchase bonds maturing in 2029, a move Dorman questioned given the company's future cash obligations. He speculated this might indicate a larger, undisclosed capital markets strategy. Dorman warns that if Bitcoin's market conditions remain weak, Strategy might need to sell Bitcoin to meet financial commitments. However, a Bitcoin recovery could alleviate these pressures. Despite past criticisms, Saylor has consistently expanded Strategy's Bitcoin exposure, often finding innovative ways to raise capital.