Strategy, the world’s first and largest Bitcoin treasury company, has set the crypto community buzzing with a bold declaration that perfectly reflects its unshakeable conviction.
In a recent post on X, the firm teased that it had discovered something better than Bitcoin.
It wrote,
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“We discovered something better than bitcoin. More bitcoin.”
Backed by numbers, Strategy highlighted its strong financial position, noting that if Bitcoin were to drop to its $74K average cost basis, the company would still maintain a 5.9x asset-to-convertible-debt ratio, which it calls the BTC Rating of its debt. Even at $25K per BTC, the ratio would stand at 2.0x.
This comes as Strategy is facing its most consequential structural risk since its CEO Michael Saylor began transforming the software firm into a leveraged Bitcoin vehicle five years ago.
It is understood that JPMorgan has stated that the company may be removed from major equity indices including the MSCI USA Index. The MSCI USA Index is a major stock market benchmark created by MSCI (Morgan Stanley Capital International). It tracks the performance of large- and mid-cap U.S. companies, which together represent about 85% of the U.S. stock market.
This statement was issued when Bitcoin faced one of its steepest declines earlier this month, plunging as low as $80,563. JPMorgan research note warns that the company’s plunge isn’t just about Bitcoin weakness, it says index rules may now threaten Strategy’s place in mainstream equity benchmarks.
In response to MSCI Index Matter CEO Michael Saylor wrote that Strategy is not a fund, not a trust, and not a holding company. He stated that the company is a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.
“This year alone, we’ve completed five public offerings of digital credit securities $ STRK, $STRF, $STRD, $STRC, and $STRE —representing over $7.7 billion in notional value. We also launched Stretch ($STRC), a revolutionary Bitcoin-backed treasury credit instrument that provides variable monthly USD yield to institutional and retail investors.
“Funds and trusts passively hold assets. Holding companies sit on investments. We create, structure, issue, and operate. Our team is building a new kind of enterprise—a Bitcoin-backed structured finance company with the ability to innovate in both capital markets and software.
“No passive vehicle or holding company could do what we’re doing. Index classification doesn’t define us. Our strategy is long-term, our conviction in Bitcoin is unwavering, and our mission remains unchanged: to build the world’s first digital monetary institution on a foundation of sound money and financial innovation”, he stated.
In a subsequent statement, Saylor disclosed that his Strategy is structurally prepared to survive any massive Bitcoin downturn. Speaking in an interview with Grant Cardone, he outlined the stress limits of MicroStrategy’s balance sheet and emphasized that a collapse in BTC would not force the firm to liquidate its holdings.
He explained that, with roughly $8 billion in debt and tens of billions in equity tied to Bitcoin, the company could withstand a decline of up to 90% before its collateral levels become tight. Even in such a severe scenario, he noted that the firm would turn to equity dilution before selling its Bitcoin. “The equity is going to be a loser,” he said, underscoring that shareholders, not BTC reserves, would absorb the blow.
He insisted that liquidation is not an option in any realistic downturn. When asked if MicroStrategy could ever be compelled to unwind its Bitcoin position, Saylor said, “We’re not going to liquidate.” Only if Bitcoin collapsed to zero, a total and permanent disappearance of value would bondholders face default risk”. As he summarized, “If Bitcoin fell to zero tomorrow forever, then the bonds would default.
At current BTC levels, the company noted that it has invested 71 years of dividend coverage assuming the price stays flat. And any $BTC appreciation beyond 1.41% a year fully offsets our annual dividend obligations.
Amidst earlier Bitcoin decline that has sent shivers amongst investors, the crypto asset has experienced a brief rebound, with the overall market rising. Bitcoin, along with most of the top 20 cryptocurrencies, has so far posted gains, signaling renewed bullish momentum.
Bitcoin has rallied above $90,000, fueled by optimism following the recent liquidation of long traders over the past four weeks. The recent rebound demonstrates renewed bullish momentum, supported by recovering global economic activity and strong interest from institutional investors.
As Bitcoin rallies above $90,000, rebounding sharply from last week’s decline, the surge provides Strategy with a timely and strategic advantage, especially in the wake of threats to remove the company from the MSCI index.