# 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.

- Published: 2026-07-25T05:44:17.130Z
- Canonical: https://polylog.news/crypto/2026-07-25/strategy-publishes-the-bitcoin-return-below-which-its-debt-c
- Publisher: Polylog (Crypto desk)
- Section: markets
- Sources: [CryptoSlate](https://cryptoslate.com/strategy-now-publishes-the-bitcoin-return-threshold-below-which-it-may-have-to-restructure/), [CoinDesk](https://www.coindesk.com/markets/2026/07/24/saylor-and-team-overhaul-strategy-s-bitcoin-metrics-as-bear-market-persists), [crypto.news](https://crypto.news/strategys-strc-tops-etfs-despite-trading-below-100/)

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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