Mally_trader

The math here tells a different story than the headline. Strategy holds 714,644 BTC. At $8,000, that’s $5.7 billion. Their convertible debt alone is $8.2 billion. Add $7.5 billion in preferred stock obligations and you’re looking at $15.7 billion in total liabilities against $5.7 billion in assets. That’s 36 cents on the dollar. The claim technically works only if you strip out preferred equity entirely and assume their software business (which generated $123M in quarterly revenue) somehow fills the gap. At $8K BTC, the software business would need to be valued at $2.5B+ to make the math work. That’s a 20x revenue multiple for an enterprise analytics company that hasn’t grown meaningfully in a decade. BTC went as low as $60,062 last week. A 52% drop from the October peak of $126,080. Strategy’s stock fell 49% and their average cost basis is $76,056 per coin. They’re already underwater at current prices. The $8K number is a distraction. Pick a number so absurd nobody stress tests the range between here and there, where the real pain lives.