Strategy Inc., formerly MicroStrategy, has reduced its net leverage ratio to 3.21%, a historic low for a company holding more than 840,000 bitcoins, representing approximately 4% of total supply. The company has a market capitalization of approximately $44.4 billion for an enterprise value near $61.5 billion, with total debt of $6.75 billion and preferred equity of $15.1 billion. Strategy raises capital primarily through equity programs and convertible securities rather than traditional debt, maintaining a treasury leverage multiple of 1.39x. Annual dividend and interest obligations total $1.72 billion and must be serviced regardless of bitcoin price fluctuations.
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