MicroStrategy Unveils Credit Model with Bitcoin Risk Dashboard

Michael Saylor has published a Bitcoin credit model that shows how much BTC sits behind every dollar MicroStrategy owes its bondholders and preferred shareholders.

The tool assigns each instrument a credit tier and a floor price. Investors can now see the Bitcoin level at which any given security stops being fully collateralized.

Inside Saylor's Bitcoin Credit Model

Strategy held 843,775 BTC at the close of the second quarter. Its balance sheet still carries $6.71 billion in convertible notes alongside several preferred stock series.

The model tests those obligations against a single reference case, a 10% annual Bitcoin return. Each instrument then receives a credit spread, a rating, and a collateral reading.

Saylor color-codes the output. Spreads drop into familiar buckets that run from investment grade through high yield down to distressed.