Michael Saylor’s $13,400 Bitcoin floor exposes the exact order of losses inside Strategy’s debt stack

Strategy, the Bitcoin treasury company, is marketing a roughly $13,400 “BTC Floor” for STRC, its variable-rate cumulative perpetual preferred stock. With Bitcoin near $78,000, the label sounds like a vast buffer. The SEC-filed briefing defines something narrower: the Bitcoin price at which Strategy’s illustrative STRC coverage ratio reaches 1.0x.The metric provides no claim on Strategy’s Bitcoin and carries no solvency or recovery meaning. STRC closed at $97.33 on Aug. 28, giving holders a simple 12.33% effective yield at the current $12 annualized dividend. The filed dashboard used an Aug. 21 price of $96.18 and listed a 12.48% yield, $9.972 billion notional, 59 basis points of BTC Credit, 4.68% BTC Risk and a -14.61% BTC Floor ARR.The quotient and its moving partsThe BTC Rating divides the dollar value of Strategy’s Bitcoin reserve by a covered-notional denominator. The floor reverses the calculation: covered notional divided by the number of Bitcoin held. Spot Bitcoin changes the displayed rating; with every company input fixed, it leaves the 1.0x price unchanged.Strategy’s denominator starts with $6.714 billion of debt, subtracts $6.69 billion of USD assets, then adds $1.284 bi...