Strategy (formerly MicroStrategy) has updated its assessment of financial resilience, indicating a significant advantage of Bitcoin reserves over convertible debt even in the event of a substantial drop in cryptocurrency prices. The company stated that its Bitcoin reserves are sufficient to cover its debt twice if the price of Bitcoin falls to $25,000.
This is reported by Finway
BTC Rating Indicator: Protection Against Market Volatility
According to Strategy, the company’s current BTC Rating ratio shows Bitcoin coverage of debt ranging from seven to 56 times depending on the type of bonds. As of November 2025, with the current price of Bitcoin at $86,835, the company has $8.214 billion in convertible debt maturing between 2028 and 2032. For most bonds, the BTC Rating ranges from 7x to over 50x, while the aggregate ratio for all debt stands at 6.9x.
“If the price of Bitcoin falls to our average cost of $74,000, we will still have a 5.9 times asset-to-convertible debt ratio, which we refer to as the BTC Rating of our debt. At an asset price of $25,000, this ratio will be 2.0,” noted Strategy.
The company emphasizes that even in the event of a significant drop in Bitcoin prices, its financial resilience will remain intact due to a large reserve of digital assets. Under current conditions, Strategy’s total liabilities, including $7.779 billion in preferred shares across five series (STRF, STRC, STRE, STRK, STRD), amount to nearly $16 billion. The BTC Rating for preferred shares is 3.5x, while for all liabilities it is 3.6x, also indicating a high level of Bitcoin backing.
Market Assessments and Strategy Management’s Position
The company’s financial resilience remains a topic of discussion in the market. At the end of October 2025, Strategy received a low rating (B-) from S&P, but later announced a net profit of $2.8 billion for the third quarter. Analysts from Cantor Fitzgerald, TD Cowen, and Maxim Group lowered their forecasts for the company due to the decline of the so-called “Bitcoin premium” of Strategy and a reduction in the average target stock price to its lowest levels since May. They emphasize that a rise in the price of Bitcoin to $150,000 is necessary for the company to implement its strategic plans.
Meanwhile, co-founder Michael Saylor stated that Strategy is “unbreakable” and noted that “Bitcoin is stronger than ever.” According to him, the company will be able to operate effectively even with an 80-90% drop in Bitcoin prices.
The cryptocurrency community is also discussing the risks associated with the potential exclusion of Strategy from MSCI indices in January 2026, which has led to criticism of JPMorgan. Saylor emphasized that Strategy is a “structured financial company backed by Bitcoin,” rather than a trust or fund, which provides it with additional resilience in the market.
