Strategy Unveils BTC Credit Model to Track Bitcoin-Backed Debt and Preferred Stock

Michael Saylor's company, Strategy, has introduced a new model to track its bitcoin-backed debt and preferred stock. The model is called BTC Credit, and it uses a $64,093 bitcoin price assumption with 40% volatility and a 10% annual return. According to the dashboard, Strategy's six convertible note tranches carry a combined BTC Floor of $2,456, while its five preferred stock series share a BTC Floor of $20,587.

The dashboard also shows that Strategy's total debt and preferred stock notional bottom out at $20,587. This means that Bitcoin would need to drop about 96% to reach the debt floor and about 68% to reach the preferred stock floor. However, these figures are tied to each tranche's remaining duration, not a one-time measure of the distance from today's bitcoin price to the floor.

Strategy CEO Phong Le has said that Bitcoin would need to fall into the $8,000 to $10,000 range for Strategy's preferred stock to be at risk. However, according to the dashboard, STRC has traded below its $100 par value since mid-May 2026 and has a BTC Credit spread of 114 basis points.