Saylor's Bitcoin Treasury strategy is now public

Strategy Opens Its Credit Books to the Public

@Strategy has launched what it calls the Bitcoin Credit Model, a public-facing dashboard designed to give investors a live view of the credit health underpinning its $53.5 billion $BTC treasury. The tool tracks credit spreads and undercollateralization risks across the company's $21.95 billion in combined debt and preferred stock obligations, using a 10% BTC Annualized Rate of Return (ARR) as its reference case for assessing solvency.

The dashboard color-codes each instrument across three tiers: Investment Grade, High-Yield, and Distressed. It also calculates the $BTC floor price required to ensure the treasury remains fully collateralized, giving analysts and creditors a clearer picture of where stress could emerge across the capital structure.

A Transparency Push Amid Growing Scrutiny

Strategy maintains its dashboard at strategy.com as a disclosure channel for providing broad, non-exclusionary distribution of information to the public, including market prices of its outstanding securities, bitcoin purchases and holdings, and supplemental capital structure data.

The move follows a broader overhaul of Strategy's financial metrics. The company replaced its old mNAV framework with bitcoin-native solvency metrics in late July, unveiling Net BTC Per Share and BTC Hurdle ARR to account for the approximately $22 billion in preferred equity and debt sitting above common shareholders. Strategy defines BTC Floor ARR as the lowest constant Bitcoin annual rate of return that maintains 1.0x coverage of net debt and preferred stock through its Bitcoin reserve after funding interest and preferred dividends over the modeled period.

Strategy has claimed it has around 70 years of dividend payment runway to service its debt, even if Bitcoin's price remains flat. However, analysts have noted important caveats. The company's BTC Rating is an internal, illustrative measure and no independent credit rating agency issues it. It does not measure liquidity, solvency, or reported financial performance.

Strategy's dashboard recently reported 842,138 BTC, representing 4.01% of Bitcoin's maximum supply, alongside a $58.4 billion reserve and a $36.3 billion net reserve. It also listed $6.75 billion in debt, $15.35 billion in preferred stock, and 5.06% net leverage. The Bitcoin Credit Model now maps those obligations against live $BTC price movements, giving the market a real-time read on where the collateral cushion stands.

Sources:
Strategy Q2 2026 Financial Results, strategy.com
Strategy publishes Bitcoin return restructuring threshold, CryptoSlate
Strategy overhauled bitcoin metrics, CoinDesk