Strategy, the Bitcoin treasury company, is marketing a theoretical threshold of approximately $13,400 for Bitcoin, at which point the coverage ratio of its preferred stock STRC would reach 1.0x. This threshold is not a recovery or solvency guarantee: it represents merely a reference point calculated from a given set of assets and counted claims. With 840,447 Bitcoin worth $64.7 billion, Strategy shows a 5.7x coverage ratio, well above the theoretical trigger level. In the latest reported week, Strategy raised $2 billion through MSTR share issuances and spent $136.4 million repurchasing STRC shares. The company holds $5.1 billion in its USD Reserve and $1.59 billion in USD Cash, but these funds are not pledged to STRC holders, and cash difficulties may arise well before Bitcoin reaches the $13,400 threshold.
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