Michael Saylor wants you to know that nobody is calling.
The MicroStrategy executive chairman has publicly shot down speculation that the company faces an imminent margin call on its massive Bitcoin position. The reassurance comes at a moment when Bitcoin is trading well below what MicroStrategy paid for most of its stack.
The gap between cost and current price
MicroStrategy holds approximately 713,000 BTC with an average acquisition cost of roughly $75,699 per coin. Bitcoin has recently been trading between $61,000 and $67,000.
The company’s debt consists largely of unsecured or long-dated instruments, with maturities stretching into 2027 and 2028. Unsecured debt means no lender is holding Bitcoin as collateral with the power to force a sale if prices dip below a certain threshold. Long-dated maturities mean the company doesn’t face near-term repayment cliffs that could squeeze its liquidity.
