Key Insights:
- Experts dispute claims of a fixed MSTR stock liquidation price.
- Analyst Willy Woo outlines Strategy’s debt and Bitcoin price thresholds.
- Strategy expands Bitcoin holdings to over 641,000 BTC worth $47.49 billion.
New data shared by analyst Willy Woo has raised fresh debate about Strategy Inc.’s debt and possible MSTR stock liquidation risk.
The company, led by Michael Saylor, continues to buy Bitcoin, adding to its large holdings even as analysts question its debt repayment plans.
Willy Woo Shares Data on Strategy’s Debt
In a recent post on X, market analyst Willy Woo posted a table showing details of Strategy’s debt, conversion thresholds, and equivalent Bitcoin prices.
He said the data could show when the company might have to sell part of its Bitcoin if prices fail to rise fast enough, which might also impact the MSTR stock price.
The table lists several bond maturities. The first, worth $1.01 billion, is due on September 15, 2027.
It has a conversion threshold of $183.19, which matches a Bitcoin price of about $91,502.
Other major maturities come in 2028, including $2 billion due March 1 with a threshold of $433.47 (equal to $216,515 per Bitcoin) and $3 billion due June 1 with a threshold of $672.40 (equal to $335,859 per Bitcoin).
Smaller bonds of $800 million and $604 million followed later that year, with conversion levels linked to Bitcoin prices of $74,819 and $83,026.
The final listed bond, $800 million due in June 2029, has a conversion level tied to a Bitcoin price of about $102,056.
Woo said he did not expect Strategy (MSTR) to face a full liquidation but mentioned that partial selling could happen if Bitcoin prices stay below those levels.
He also said that the real outcome would depend on market conditions at the time and how the company manages its balance sheet before the bonds mature.
Analysts Disagree on a MSTR Stock “Liquidation Price”
In another post on X, a user named lynk0x claimed that Michael Saylor’s MSTR stock liquidation price was around $74,000 per Bitcoin.
However, this claim was rejected by another analyst, Erik Huisman, who said Strategy no longer has any liquidation level tied to its Bitcoin holdings.
Huisman explained that Strategy repaid its only Bitcoin-backed loan from Silvergate Bank in 2023.
According to him, since then, Strategy Bitcoin has been unleveraged, meaning no loans are secured by its crypto.
He added that the company’s debt comes from long-term convertible bonds, not margin loans that could cause forced selling.
He also said the only real risk would come if Bitcoin prices dropped sharply to between $3,000 and $5,000.
In his defense, he said this could lead to wider financial stress. That scenario, he noted, would not be a margin call or liquidation event but a general solvency issue.
Interestingly, as of this discussion, Bitcoin has been on a negative price trajectory, with it currently trading at $101,920.92.
Looking at the pattern, this back-and-forth shows that the MSTR stock liquidation price is not fixed.
It depends more on its financial planning and future Bitcoin market trends than on any single price level.
Strategy (MSTR) Keeps Buying Bitcoin
It is worth noting that, despite the online debate, Strategy continues to expand its Bitcoin holdings.
In a filing with the U.S. Securities and Exchange Commission on November 3, 2025, the company reported buying 397 more Bitcoin between October 27 and November 2.
The purchase was funded through an at-the-market equity program that raised $69.5 million.
This is mainly from the sale of MSTR stock and smaller amounts from preferred shares. Notably, the new purchase increased the company’s total Bitcoin to 641,205 BTC.
The total cost of these holdings is about $47.49 billion, with an average purchase price of $74,057 per coin.
The firm began buying Bitcoin in August 2020 and has continued adding to its reserves ever since.
Strategy now holds more Bitcoin than any other company, far ahead of MARA Holdings, which has about 53,250 BTC.
Still, while analysts debate possible risks, Strategy continues to follow its long-term plan of treating Bitcoin as its main reserve asset.
Source: https://www.thecoinrepublic.com/2025/11/05/mstr-stock-strategy-at-risk-of-liquidation-heres-what-data-says/
