Strategy says it could withstand bitcoin falling to $8,000 and still fully cover its roughly $6 billion debt, citing its 714,644 BTC reserve accumulated under Michael Saylor. The company notes that maturities are spread over several years and plans to convert part of its convertible bonds into equity, reducing the need for new borrowing even if prices stay weak.
Critics warn the model remains risky because the firm paid tens of billions for its coins, meaning a sharp crash would leave huge paper losses and make refinancing difficult.
