Strategy (MSTR) faces questions about BTC-backed financing strategy as shares drop 20%. Debates over dividend obligations and financing options.

Strategy’s Bitcoin accumulation pace has slowed as the company rebuilds cash reserves and navigates funding constraints tied to its preferred stock offerings.

CryptoQuant says the cash cushion behind Strategy's STRC has thinned from seven years of coverage to 14 months, and buying BTC at cycle tops has left the company with a $10.6…