Michael Saylor-Led Strategy Unlikely To Get Liquidated In Next Bitcoin Bear Market, Says Popular Analyst, But Foresees Issues In 2028
Cryptocurrency analyst Willy Woo expressed doubt Monday that Strategy Inc. (NASDAQ:MSTR) would get liquidated in the next Bitcoin (CRYPTO: BTC) bear market, citing its outstanding convertible debt obligations.
Analyzing MSTR’s Debt Obligations
Woo took to X, highlighting a table with key upcoming dates and thresholds that could impact the company’s balance sheet, stock price and BTC holdings if triggered.
“The Holders Put Right Date” refers to the date when the bondholder has the right to sell the bond back to Strategy and “Debt” refers to the principal amount of the convertible notes at the risk of being put back.
“Conversion Threshold” is the per share price above which bondholders would likely prefer to convert their debt into MSTR shares instead of selling it back. The “Equivalent BTC Price” is the price of Bitcoin at which MSTR stock stays above the conversion threshold, assuming that the multiple to net asset value, or mNAV, is equal to 1.
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