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#MicroStrategy
Bitcoin would have to fall 83% before its preferred security returned to the 1x rating line. This chart was drawn by the company itself.
It is not a report from an outside rating agency.
It was Strategy’s own self-test calculation on September 1.
STRC is the preferred security it issued, with an annual dividend yield of 12%.
Preferred stock means it won’t outperform common stock when prices rise, but it is protected first when prices fall.
The company’s goal is to keep the price near the $100 face value.
The trigger line is Bitcoin falling to $13,136.
The 1x rating is an internal illustrative metric; it does not measure cash flow and does not look at market price.
The day before the chart was posted, it had just bought another 4,603 BTC.
At an average price of $80,318, spending $370 million in one go.
Its holdings were pushed to 845,000 coins, with $1.61 billion in cash on the books.
It also repurchased $152 million of STRC, claiming net leverage was zero.
At the end of June, it established a digital credit capital framework, putting dividends, buybacks, and dollar reserves all into the charter.
On one side, it uses high-yield preferred securities to raise money and keeps buying coins.
On the other, it shows holders a chart telling them their principal is very safe.
Is this combination of moves showing a cushion,
or is it quietly adding leverage to the balance sheet?
Share your view in the comments
#MicroStrategy
Bitcoin would have to fall 83% before its preferred security returned to the 1x rating line. This chart was drawn by the company itself.
It is not a report from an outside rating agency.
It was Strategy’s own self-test calculation on September 1.
STRC is the preferred security it issued, with an annual dividend yield of 12%.
Preferred stock means it won’t outperform common stock when prices rise, but it is protected first when prices fall.
The company’s goal is to keep the price near the $100 face value.
The trigger line is Bitcoin falling to $13,136.
The 1x rating is an internal illustrative metric; it does not measure cash flow and does not look at market price.
The day before the chart was posted, it had just bought another 4,603 BTC.
At an average price of $80,318, spending $370 million in one go.
Its holdings were pushed to 845,000 coins, with $1.61 billion in cash on the books.
It also repurchased $152 million of STRC, claiming net leverage was zero.
At the end of June, it established a digital credit capital framework, putting dividends, buybacks, and dollar reserves all into the charter.
On one side, it uses high-yield preferred securities to raise money and keeps buying coins.
On the other, it shows holders a chart telling them their principal is very safe.
Is this combination of moves showing a cushion,
or is it quietly adding leverage to the balance sheet?
Share your view in the comments
