Key Notes
- Strategy says its 649,870 BTC still cover its $8.2B convertible debt by 5.9× at its $74K cost basis.
- Even at $25K BTC, the firm claims its debt remains covered 2x.
- MSCI’s upcoming January 2026 review may trigger up to $8.8B in forced selling for Bitcoin-heavy firms.
Strategy calmed investors after another exclusion from the S&P 500 Index and said that its balance sheet remains solid even as Bitcoin
BTC
$86 972
24h volatility:
0.2%
Market cap:
$1.74 T
Vol. 24h:
$63.09 B
crashed to $80,000 not long ago.
In a post on X, the company said its Bitcoin reserves, 649,870 BTC worth roughly $56 billion at current prices, continue to far exceed its debt load, despite a difficult quarter for both the asset and the company’s stock.
All is Good, Strategy Claims
At a Bitcoin price of $74,000, which is close to Strategy’s average cost basis, the company calculates that its holdings would still cover its $8.214 billion in convertible notes by 5.9 times.
Strategy calls this metric the “BTC Rating” which remains one of the firm’s main tools for communicating solvency to the market. Even at $25,000 per Bitcoin, Strategy says the coverage would stand at 2 times, uncomfortable, but well above the point at which repayment risk typically escalates.
The company’s full capital stack, including preferred stock series STRF, STRC, STRE, STRK, and STRD, brings total obligations to about $15.993 billion. Data from the firm’s dashboard shows long-dated notes stretching out to 2032, with BTC coverage multiples ranging from roughly 56× at the short end of the maturity curve to around 7× for later obligations.
Strategy full capital stack | Source: SoSoValue
Strategy said the figures confirm that even with the volatility, Bitcoin’s current valuation provides more than enough cushion.
MSCI’s Exclusion of Strategy
MSCI is preparing a January 2026 review that could remove companies whose crypto holdings make up more than half their total assets. Strategy fits squarely into that category. JPMorgan estimates that if the decision goes against it, index-linked funds may be forced to unwind as much as $8.8 billion in exposure.
Moreover, the company also recently failed to get included in the S&P 500 as well. Crypto investors claim that financial institutions like JPMorgan have actively worked to stop the growth of Strategy and other Bitcoin-heavy firms.
The claims remain unproven, but gained traction after reports of delayed transfers, frozen share settlements, and abrupt account closures involving crypto executives surfaced.
Bitcoin Purchase Halt
Researchers have pointed out that while the company holds 3.26% of all Bitcoin that will ever exist, it has only about $54 million in cash and more than $700 million in preferred dividend obligations each year.
The firm paused its weekly Bitcoin purchases as well and broke a six-week streak. Executive Chairman Michael Saylor, who usually previews buys each Sunday and confirms them the following morning, remained silent this week.
Nevertheless, the company said that whether Bitcoin trades at $75K, slips toward $25K, or moves back toward previous highs, the balance sheet still shows substantially more assets than obligations.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
Parth Dubey on LinkedIn
Source: https://www.coinspeaker.com/strategy-is-prepared-for-75k-or-25k-btc-amid-sp-500-exclusion/
