Bitcoin Treasuries Withstand 54% Price Drop Without Forced Liquidations
Between October 2025 and mid-2026, Bitcoin's value plummeted by more than half, dropping from its all-time high above $126,000 to lows around $57,800 to $60,000.
Despite this massive drawdown, not a single major corporate treasury was forced to liquidate its holdings of the cryptocurrency. Strategy, formerly known as MicroStrategy and a pioneer in corporate Bitcoin treasuries, holds hundreds of thousands of BTC on its balance sheet.
The company's CEO stated that the effective liquidation price for their Bitcoin sits at zero due to cash reserves of roughly $6.7 billion, nearly identical to their convertible debt obligations of approximately $6.75 billion.
This means Strategy could theoretically pay off every dollar it owes without touching a single satoshi.