Shanaka Anslem Perera, a noted crypto analyst, has raised concerns over Strategy Inc.'s $48 billion Bitcoin holdings. The firm has accumulated 649,870 BTC at an average price of $74,433 per coin, financed through complex capital instruments. Perera warns that Strategy's reliance on continuous capital raises to service its debt is unsustainable, with only $54 million in cash against $700 million in annual preferred dividends. Perera likens the financial structure to a Ponzi scheme, cautioning that any Bitcoin sales to meet obligations could destabilize the market. He challenges the firm's claim of having 71 years of dividend coverage, citing liquidity and market impact issues. Perera predicts a potential restructuring or collapse of Strategy's corporate Bitcoin model by March 2026.