Set a Bitcoin price below. Everything under it is computed at
your price against Strategy's filed capital structure. This is a measurement of
what the structure does at a price you choose, not a view on whether Bitcoin reaches it.
Loading the filed records.
Net senior claims, dollars
--
Net senior claims, in BTC
--
No claim in Strategy's stack can be called because the Bitcoin price fell.
None of the active instruments on record carries a price gate, an escalator trigger or a
holder put date: the convertible notes convert at fixed prices set in their indentures, and
the remaining secured borrowing that was Bitcoin-collateralized was prepaid in full and
retired in March 2023.
The preferred dividends keep accruing whatever the price does. STRK, STRF
and STRC are cumulative by their filed terms, so an unpaid dividend is not forgiven; it
accrues into the liquidation preference and enters the claims stack there. A lower Bitcoin
price does not slow that and does not trigger it.
What a drawdown changes is the arithmetic, not the obligations. The
claims above are fixed in dollars, so as the price falls the same claim consumes more of the
reserve, Senior Claims % rises and CEBE per share falls. Nothing is called and nothing is
forced; the common's share of the Bitcoin simply gets smaller.
Live Bitcoin price --, read -- via
CoinGecko.
Capital structure as of --. Source: --.
Claims arithmetic is the shared reader in config/compute-drag.js, the same one
the tracker and the company page use. Senior Claims % floors at zero and is capped at the
whole reserve.
Scenario layer. The slider is your assumption. Every figure above it is
labelled as computed at your price. Nothing here forecasts a price.