Strategy Inc. has built the most ambitious corporate Bitcoin treasury in history. Now it’s discovering what happens when the asset backing that treasury starts sliding.
The company holds 843,738 BTC as of May 25, 2026, an extraordinary stockpile supported by $6.7 billion in convertible notes and $15.5 billion in preferred stock. That’s roughly $22.2 billion in total obligations riding on a single, notoriously volatile asset.
The numbers behind the pressure
Strategy’s capital stack reads like a case study in concentrated risk. The company’s average acquisition cost sits around $75,000 to $76,000 per Bitcoin, which means any sustained price weakness below that threshold starts eating into the paper value of the entire treasury.
S&P Global Ratings assigned the company a B- junk credit rating back in October 2025. That’s deep into speculative territory, the kind of rating that makes refinancing more expensive and investors more nervous. The rating agency flagged two specific issues: Strategy’s narrow asset focus and the staggered maturities on its convertible debt.
