MSTR currently has approximately $8.5 billion in debt (including preferred stock and convertible bonds), most of which is unsecured. This means that even if BTC drops to $1, creditors have no right to directly liquidate the Bitcoin held by the company.

The company currently has about 2.5 years of cash reserves set aside for paying interest and dividends. As long as it can make interest and dividend payments on time, MSTR theoretically does not need to be forced to sell its coins and exit the market.
Additionally, as long as there are people willing to buy its stock, it can sell shares through an ATM to convert into cash, used to pay interest or STRC dividends. From this perspective, MicroStrategy also does not need to sell coins to cover interest and dividends, avoiding the risk of a collapse. But this approach is an extremely fierce "stockpile slaughter."
The ATM's effectiveness depends on someone stepping in to buy. If BTC crashes, MSTR's stock price will face a selling wave. At that point, the company will initiate ATM issuance, which is like digging another shovel at an already breached dam.
Overall, as long as BTC does not crash to zero, MSTR generally does not face a risk of collapse [hehe][hehe]