Corporate Treasuries Withstand 54% Bitcoin Price Crash Without Forced Liquidations

The 54% drop in Bitcoin's value between October 2025 and mid-2026 did not result in any forced liquidations among corporate treasuries, according to a recent report. The largest holders, including Strategy (formerly MicroStrategy), maintained their holdings without having to sell due to margin calls.

Strategy, which holds hundreds of thousands of BTC on its balance sheet, reportedly has cash reserves equivalent to its convertible debt obligations. This means the company could theoretically pay off its debts without touching a single satoshi, according to CEO statements.

The report notes that while some smaller treasury adopters experienced stress during the downturn and executed voluntary sales to cover dividend obligations or fund operations, the major players navigated the pressure without triggering margin-driven liquidations. The distinction between collateral calls and forced liquidations is crucial, as the former are uncomfortable conversations with lenders but do not involve unwinding positions at a bad price.

Derivatives traders did experience visible liquidations throughout the drawdown, but these stayed contained within the trading ecosystem and did not spill over into corporate treasury selling. The 2025-2026 drawdown provided the most rigorous test the corporate Bitcoin treasury model has faced, validating its core premise: that properly structured holdings can withstand severe volatility.