The value of Strategy assets is approximately six times the liabilities, with cash reserves sufficient to pay dividends for over 30 months.

BlockBeats News, February 22 — According to Barchart analysis and the latest announcement, Strategy holds 717,131 Bitcoin. Based on recent prices, this Bitcoin holding is worth approximately $48.7 billion. In comparison, MSTR’s debt at the end of 2025 is $8.2 billion. This is nearly six times the company's assets. For this reason, Strategy CEO Phong Le confidently stated during the earnings call that Bitcoin prices would need to drop to $8,000 per coin and stay at that level for five to six years for the company to face real difficulties in repaying its convertible bonds.

Additionally, each Bitcoin held by the company is uncollateralized, so there is no risk of a margin call on its Bitcoin holdings. As for the company's debt interest, MSTR pays $88.8 million annually in dividends. To manage this, the company has devised a strategic plan to reserve $2.25 billion in cash by Q4 2025, enough to cover more than 30 months of dividends without using any Bitcoin. Notably, the first major debt maturity is in September 2027, providing MSTR with ample buffer time.

Analysis suggests that the real pressure for Strategy is not its solvency but its growth ability in a bear market. As a reference, during the last bear market (2022), Strategy only increased its Bitcoin holdings by about 10,000 coins, and the company's stock price was below the value of its underlying assets for most of that year.