I saw a blogger use corporate debt, preferred shares, and cash, converting net senior claims (Senior Claims, SC) into an equivalent amount of BTC at the then/current BTC prices, and made a side-by-side comparison between 2022 and 2026:
In 2022: 130,000 BTC held; SC: 146,735 BTC;
Common equity exposure: −16,735 BTC;
In 2026: 847,363 BTC held; SC: 351,567 BTC;
Common equity exposure: +495,796 BTC;
Per-share metrics vs. NAV:
In 2022: −14,786 sats/share, CEBE NAV −$2.33/share.
In 2026: 138,146 sats/share, CEBE NAV +$81.69/share.
At the 2022 bear-market bottom, Strategy arguably had a theoretical “balance sheet insolvency,” but it was not forced into liquidation, and the stock didn’t go to zero.
Compared with that, the 2026 balance sheet is far more robust—an objective mathematical fact that can’t be easily overturned with mere FUD.
There’s also one more detail difference:
The $2.4 billion in 2022 was debt with a maturity date, carrying the risk of secured liquidation (the BTC-backed loan Silvergate had at the time was the real risk point then, but it was repaid at a discount later). In 2026, most of it is perpetual preferred stock, with no looming maturity wall.
Even though MSTR still faces a series of risks—dilution, pressure from preferred-share dividends, and BTC price volatility—extreme narratives like a “death spiral/liquidation crisis” clearly don’t match the facts of the current balance sheet.
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While I don’t want to think in the direction of “conspiracy theories,” I can’t shake the subtle feeling that some force is using STRC’s de-anchoring to generate noise, applying extreme pressure on BTC.
Some onlookers who don’t really know what’s going on spread rumors. By the time it gets repeated, the final version becomes: in this cycle, “MicroStrategy will be liquidated for 800k BTC, so the BTC price will drop another 50% 🤣🤣🤣.”
Source: @Eth527 on X
Publish using the 6551 twitter mirror tool
#Crypto #Web3 #区块链
In 2022: 130,000 BTC held; SC: 146,735 BTC;
Common equity exposure: −16,735 BTC;
In 2026: 847,363 BTC held; SC: 351,567 BTC;
Common equity exposure: +495,796 BTC;
Per-share metrics vs. NAV:
In 2022: −14,786 sats/share, CEBE NAV −$2.33/share.
In 2026: 138,146 sats/share, CEBE NAV +$81.69/share.
At the 2022 bear-market bottom, Strategy arguably had a theoretical “balance sheet insolvency,” but it was not forced into liquidation, and the stock didn’t go to zero.
Compared with that, the 2026 balance sheet is far more robust—an objective mathematical fact that can’t be easily overturned with mere FUD.
There’s also one more detail difference:
The $2.4 billion in 2022 was debt with a maturity date, carrying the risk of secured liquidation (the BTC-backed loan Silvergate had at the time was the real risk point then, but it was repaid at a discount later). In 2026, most of it is perpetual preferred stock, with no looming maturity wall.
Even though MSTR still faces a series of risks—dilution, pressure from preferred-share dividends, and BTC price volatility—extreme narratives like a “death spiral/liquidation crisis” clearly don’t match the facts of the current balance sheet.
----------------------------
While I don’t want to think in the direction of “conspiracy theories,” I can’t shake the subtle feeling that some force is using STRC’s de-anchoring to generate noise, applying extreme pressure on BTC.
Some onlookers who don’t really know what’s going on spread rumors. By the time it gets repeated, the final version becomes: in this cycle, “MicroStrategy will be liquidated for 800k BTC, so the BTC price will drop another 50% 🤣🤣🤣.”
Source: @Eth527 on X
Publish using the 6551 twitter mirror tool
#Crypto #Web3 #区块链