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BTC Debt risk only became apparent when Bitcoin fell to US$8000 to US$10000.
Strategy President and CEO Phong Le told Bloomberg TV that the company's balance sheet remains solid at current Bitcoin price levels, responding to growing concerns about its leverage levels. As the largest public holder of Bitcoin, Strategy will only begin to consider balance sheet risk when the price of Bitcoin falls to the $8000 to $10000 range. Phong Le pointed out in an interview with Bloomberg Television that when prices fall into that range, the company "will have to consider certain risks associated with debt." Based on the bitcoin price at the time of writing, this decline would mean a decline of approximately 85%.
Le said Strategy must "build a capital structure that can withstand bear markets" and believes the company still has the ability to benefit from future rebounds. "We've experienced this in 2022, we've experienced it in 2026, and I'm very excited about the next Bitcoin bull market," Le said.
Cash reserves increase, Bitcoin holdings suspended
According to a regulatory document, Strategy increased its U.S. dollar reserves by $466.7 million through its market-to-market issuance plan, bringing total reserves to $3 billion. Le said the decision to hold $3 billion in cash reflected feedback from preferred shareholders rather than a change in the company's core view of Bitcoin. Strategy estimates annual preferred stock dividends and interest expenses at approximately $1.76 billion, which means that $3 billion in reserves can cover approximately 20 months of obligations without issuing new securities or further selling Bitcoin.
During this period, Strategy did not engage in any bitcoin transactions, and its positions remained unchanged at 843,775 BTC. The cumulative purchase cost was approximately US$63.69 billion, and the average cost price per coin was US$75,476. Strategy already has unrealized losses on a current cost basis, but Le described the company's capital structure as designed to withstand long-term corrections rather than short-term fluctuations. Le dismissed concerns about Strategy's market influence, pointing out that a recent $200 million bitcoin sale "has not affected the market" and believes that the company's 843,775 BTC holdings (approximately 4% of the total supply) will not create systemic selling pressure. Despite the recent suspension of holdings, Le reiterated that Strategy plans to remain a long-term buyer of Bitcoin.
