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Currently, MicroStrategy holds 553,555 Bitcoins,
accounting for 2.636% of the total BTC, with a cost price of $68,459.
If Bitcoin prices crash, will MicroStrategy face bankruptcy liquidation?
The conclusion is: theoretically possible, but the actual probability is extremely low.
The company's leverage is not high, its debt maturity is long, and the short-term repayment pressure is small. Only an extreme long-term decline in Bitcoin would trigger a financial crisis, and the probability of this happening is low.
Founder Michael Saylor holds 46.8% of the voting rights, preventing the early redemption of preferred shares, ensuring the stability of the company's operational direction.

01. MicroStrategy's Bitcoin Holdings and Strategy