At a Bitcoin price of around $64,000, the model values Strategy’s reserve at $53.85 billion, providing a real-time snapshot of the company’s collateral position.
Strategy held 843,775 BTC at the close of the second quarter, a position that sits against roughly $6.71 billion in convertible notes and several series of preferred stock.
The company’s notional preferred stock outstanding totals $15.5 billion following recent capital restructuring, making the combined debt and preferred obligations a significant figure to monitor.
Despite those liabilities, the model calculates that only a 3.22% annual Bitcoin return would be needed to meet all obligations, well below the 10% baseline assumption built into the tool.
Strategy CEO Phong Le has said Bitcoin would need to fall into the $8,000 to $10,000 range, roughly 84% to 88% below then-current levels, for serious financial problems to emerge.
The dashboard’s 1.0x coverage rating holds even at a Bitcoin price of $21,000, meaning creditors across all instruments would remain whole even in a severe price collapse scenario.
The disclosure arrives during a turbulent stretch for the company, which sold 1,690 Bitcoin between Aug. 3 and Aug. 9 at an average price of $64,262, generating approximately $108.6 million in proceeds.
Those proceeds were used to buy back preferred stock, according to a securities filing, reflecting the company’s ongoing efforts to manage its liability structure actively.
The sales followed a second quarter in which Strategy reported an $8.22 billion net loss, driven largely by an unrealized loss on its Bitcoin holdings.
By anchoring the coverage debate to a publicly accessible model, Saylor has given both bulls and bears a concrete framework to assess the company’s financial resilience against Bitcoin price swings.
