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Morning Edition · Saturday, July 25, 2026Published at 1:44 AM EDT · New York
Strategy Publishes the Bitcoin Return Below Which Its Debt Coverage Breaks: Minus 11.34 Percent a Year
Michael Saylor's firm replaced its net-asset-value gauge with bitcoin-native solvency metrics covering nearly $19 billion of debt and preferred claims as its STRC preferred trades below par.
Strategy, the corporate bitcoin holder led by Michael Saylor, has introduced new disclosure metrics that quantify its own financing strain. The central figure, a "BTC Floor ARR" of minus 11.34 percent, is the steady annual bitcoin return th…
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Leveraged Bitcoin Treasury Vehicles Show Financing Strain
Over ~3-9 months, Bitcoin treasury companies face mounting financing stress as their funding instruments trade below par on dividend-coverage doubts, testing the sustainability of the debt/preferred-funded accumulation model.
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