Strategy published a stress test showing Bitcoin could fall 11.4% annually for 5.8 consecutive years and its capital structure would hold. The biggest corporate holder of Bitcoin says it would keep funding interest payments and preferred stock dividends throughout. Bitcoin trades nearly 49% below its all-time high.
Strategy, the biggest corporate holder of Bitcoin, says Bitcoin could decline by 11.4% annually for 5.8 consecutive years and it would still fully fund its interest payments and preferred stock dividends while maintaining a 1.0x BTC rating. The Michael Saylor-led firm shared the stress test of its Bitcoin-focused capital structure in a recent X post, as the Bitcoin price trades nearly 49% below its all-time high.
What the stress test assumes
The scenario does not consider a one-time sharp crash but rather a sustained annual decline over nearly six years. Even under those conditions, Strategy says it would continue meeting its debt interest obligations and preferred dividend commitments without falling below its targeted 1.0x BTC rating.
Meanwhile, Bitcoin is currently trading at $64,428. MSTR, however, sits about 84% below its November 2024 peak. The crypto market is grappling with a bear market that began in October 2025.
Strategy rebuilds its financing model
Separately, Strategy has seen a recent overhaul of the financing model underpinning its Bitcoin strategy. Restoring the price of the company's preferred shares, Stretch, or STRF, is key to the effort, which also seeks to allow the firm to resume buying Bitcoin.
The firm has also launched a metric overhaul as it continues to refine its guidance over the past year in response to the current bear market. Its new market metrics framework replaces gross BTC-based figures with net equivalents that account for the company's growing preferred stock and convertible debt obligations.
Consortium backers pledge $15 million
Then, in the past week, the Bitcoin Security Consortium was announced — an initiative dedicated to supporting the long-term security and resilience of the Bitcoin network. Member pledges total an aggregate $15 million over the next three years. Founding members are Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy and Strategy.
Source: U.Today
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