Can a Bitcoin Treasury Company Go Bankrupt? Key Risks Explained
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MicroStrategy — now Strategy — has moved from being the largest bitcoin buyer to a systemic risk to the market. Michael Saylor’s company, which holds 4.01% of all circulating bitcoins, has made its third largest ever sale between June 29 and July 5, for an amount over $200 million. Most alarming, however, is that for the first time its mNAV multiple (market value on net asset value) has been below 1, indicating that the market values the company…
Can a Bitcoin Treasury Company Go Bankrupt? Key Risks Explained
KEY TAKEAWAYS Strategy, formerly MicroStrategy, holds approximately 843,706 BTC at an average cost of $75,599 per coin, making it the largest corporate Bitcoin holder with over 3% of the supply. The company's $4.1 billion in convertible notes maturing in 2027 and 2028 creates a refinancing wall that becomes dangerous if Bitcoin trades below key thresholds during that window. S&P Global Ratings assigned Strategy a junk-level credit rating in Oc…
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