Strategy's Model Is Cracking Under the Weight of Its Own Dividends

Strategy's Model Is Cracking Under the Weight of Its Own Dividends
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Facing a $1.5 billion annual bill, Michael Saylor's company may have no choice but to sell some of its Bitcoin to meet its obligations — in direct contradiction with its founding doctrine.

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Aleksandar Bukovski

Aleksandar Bukovski is Lead Analyst at The Big Whale, where he specializes in decentralized finance and crypto-assets. His published work at The Big Whale covers topics including stablecoins, tokenized finance, DeFi protocols, Bitcoin mining, and institutional adoption of digital assets. He also hosts the Market Call, a recurring market analysis format produced by The Big Whale.

Prior to joining The Big Whale in February 2025, Bukovski spent five months as a Research Analyst at The Block, a crypto-focused information services firm, where his stated focus was tokenization. He holds an Engineer's degree in Finance and Financial Management Services and a Master's degree in Investment Management, both from the Faculty of Technical Sciences at the University of Novi Sad, Serbia.

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