Michael Saylor has published a Bitcoin credit model showing how much BTC backs every dollar owed to MicroStrategy’s bondholders and preferred shareholders. Strategy held 843,775 BTC at the end of the second quarter alongside 6.71 billion dollars in convertible notes on its balance sheet. The model tests these obligations against a single reference case of 10% annual Bitcoin return. BTC currently trades near 63,758 dollars, down roughly 49% from its October 2025 record of 126,080 dollars, leaving far thinner headroom between spot price and published floor prices. Strategy maintains a 3.75 billion dollars cash reserve covering approximately 2.1 years of dividend and interest payments.
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