MicroStrategy’s $64 billion Bitcoin (BTC) bet has become a stress test for everyone who funded it. BTC now trades below $60,000, and the renamed company, Strategy, sits at a discount to its own holdings.

The question dividing investors is no longer whether Strategy gets liquidated tomorrow. It is who absorbs the losses while the company keeps its coins and keeps paying to hold them.

How the Bitcoin Flywheel was Built

By June 22, Strategy held 847,363 BTC bought for $64.1 billion, an average of $75,651 each. That is the largest corporate Bitcoin position anywhere.

The model runs like a flywheel. The company sells stock and debt, buys more Bitcoin, and its shares climb when BTC rises. However, falling prices spin the machine in reverse.

BTC has fallen below $60,000 this week, its lowest level since 2024. The stock has slid with it, dropping under the value of the Bitcoin on its books.

A new accounting standard made the pain visible. Since 2025, FASB rule ASU 2023-08 forces firms to mark Bitcoin to fair value each quarter. As a result, Strategy booked a $14.46 billion unrealized loss in early 2026. That produced a $12.54 billion net loss, or $38.25 for every diluted share.

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Who Actually Pays for MicroStrategy’s Bitcoin Bet

The bill does not fall on Strategy alone. As the flywheel slows, the cost spreads to five groups, in rough order of exposure.

• Common shareholders

They stand first in line. When the stock trades below the value of its Bitcoin, the company still raises cash by selling new shares. Each sale buys less Bitcoin than it hands away.

“If we decide to sell $1 billion of MSTR stock and buy $1 billion of Bitcoin… when you do it at 1.0x MNAV… it is dilutive. It is a minus 48 basis point yield. It costs the shareholders $310 million,” Michael Saylor, Executive Chairman, Strategy, said during Q1 2026 earnings call.

Existing owners are left holding a smaller claim on the same coins, and that dilution is how the strategy gets funded.

• Investors in other treasury companies

The copycats have fared worse than the original. Their shares once traded far above the Bitcoin they held, lifted by hype.

As that premium faded, many Bitcoin treasury company stocks fell much harder than Bitcoin itself, leaving late buyers deep underwater.

“If that’s not already a bubble burst, how would that bubble burst?” Tom Lee, Chairman of BitMine, said while many treasury stocks traded below net asset value.

• Passive and index fund investors

This group never chose the bet. MSCI has proposed removing companies whose digital assets exceed half their total assets from its global indexes.

“Feedback from the consultation confirmed institutional investor concern that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion in the MSCI Indexes,” MSCI said in its official announcement earlier this year.

Strategy clears that bar with ease. An exclusion would force index funds and pension trusts to sell automatically, whatever the price, just to keep tracking the benchmark.

• Convertible bondholders and preferred shareholders

These investors lent on the assumption that MicroStrategy could always refinance. If Bitcoin stays depressed into 2027, that assumption breaks.

“Proceeds from the bitcoin sales are expected to be used to fund distributions on preferred stock,” Strategy indicated in the June 1 Form 8-K.

Bondholders can demand cash, and preferred holders still expect dividends, both drawing on a reserve of just $1.4 billion.

• MicroStrategy itself

The company is the backstop of last resort. On its first quarter 2026 earnings call, Michael Saylor again framed Strategy as a net buyer that never sells.

“We will probably sell some Bitcoin to fund a dividend just to inoculate the market, just to send the message that we did it.”

Yet if financing freezes while debt and dividends come due, keeping that vow could become impossible.

“We will sell Bitcoin when it is advantageous to the company. We are not going to sit back and just say we will never sell the Bitcoin,” Strategy co-CEO Phong Le added.

The Real Test Arrives in 2027

MicroStrategy faces no margin call today. Its main debt is unsecured, so a falling price alone cannot trigger a forced sale. The threat is a date, not a level.

Holders of a $1.01 billion convertible note can demand repayment on September 15, 2027. If the shares sit below the conversion price, that claim becomes a cash bill the company must cover.

Strategy has neared this edge before. A 2022 Silvergate loan backed by Bitcoin carried a margin call near $21,000 before the firm repaid it. Moving to unsecured notes and preferred stock removed the automatic trigger, but not the obligation.

Some peers have already blinked. This month one Nasdaq company sold Bitcoin to repay debt, and its shares jumped. Analysts have also questioned Strategy’s exit liquidity if it is ever forced to sell at scale.

For now, no forced sale looms. The pressure has simply moved from a price trigger to a calendar. The number that matters is no longer $60,000, but the September 2027 repayment date.

Источник: BeInCrypto