Strategy Inc., the largest corporate holder of Bitcoin with 649,870 BTC, is at risk of structural failure within 90 days due to severe financial pressures. The company, which has only $54 million in cash, is burdened by $700 million in annual preferred stock dividends. Analyst Shanaka Anslem Perera highlights the firm's dependency on continuous capital raising to service its debt, likening it to Ponzi-style financing. With Bitcoin comprising 77% of its balance sheet, Strategy Inc. could face up to $8.8 billion in forced selling if delisted from major indices by MSCI on January 15, 2026, as per JPMorgan's analysis. The potential failure to restructure could mark the collapse of the first major corporate Bitcoin experiment.