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Strategy’s BTC Credit Model Puts STRC’s Undercollateralization Floor at $16,184 Strategy Executive Chairman Michael Saylor shared data from the company’s BTC Credit model, based on a reference case of a 10% BTC annual return, a BTC price of $63,701 and 40% volatility. The model shows $53.54 billion in BTC reserves and $4.65 billion in USD reserves. It puts STRC’s BTC floor—the price below which the instrument would become undercollateralized—at $16,184, with BTC risk of 8.84% and a credit spread of 115 basis points. Strategy’s debt and preferred stock have a combined notional value of $21.95 billion, with an overall BTC floor of $20,587.

10:26 AM · Aug 12, 2026 · 18K Views

8 Reposts 5 Quotes 54 Likes 4 Bookmarks

13 replies collected of 16 X reports

OKX40%省费管家 @Frank__Lucas_ · 9h

@WuBlockchain 一万六的清算线还是太远了，这波动率有点脱离现实

HYAPE【HYPER EVM MEME COIN】 @hyapecoin · 9h

@WuBlockchain stablecoin reserves context is useful here

Yasu0x.hl🫀 @yasu0x1 · 8h

@WuBlockchain that $16,184 floor is surprisingly low for a structure this size given the current price it feels like a remote tail risk priced in

Paradigma✳️ @stas_paradigma · 8h

@WuBlockchain what's the forced liquidation price if vol spikes to 60% and btc corrects 15%? because that's the scenario where the model actually matters.

~Rex @Rex_Ogjy · 8h

same logic applies to solana treasuries, forward industries holds 7.5m+ sol using fwdsol as institutional collateral, nobody published a floor price line this for sol yet. wud be worth someone running strategy's model on fwdsol's collateral structure to see where the undercollaterazation line actually sits

Dawny @0xDawny · 8h

@WuBlockchain model says 16k floor but on-chain data always tells a different story

TonyCrypto @gebby_8 · 8h

@WuBlockchain x.com/i/grok/share/09844a3beb1…

PolyOrderbooks @polyorderbooks · 8h

@WuBlockchain A $16K BTC floor gives STRC substantial downside cushion under the model assumptions.

WizzirdKei @gigigygax · 8h

@WuBlockchain x.com/i/grok/share/a436813060b…

Macro Bombastic @MacroBombastic · 8h 10K

@WuBlockchain decent buffer but that 10% baseline return feels very optimistic

Folio @folio__watch · 8h 11K

@WuBlockchain $16k floor feels way too low

NeonWhale @tetes_view · 6h

@WuBlockchain does the 10% annual return assumption bake in any compounding or is that straight line?

NERO Chain @Nerochain_io · 3h 60K

@WuBlockchain Balance sheet transparency is becoming an important part of evaluating Bitcoin treasury companies. Interesting data point.