Strategy CEO confirms zero Bitcoin liquidation price amid strong equity capital raise

Strategy’s Bitcoin liquidation price is zero. That’s not corporate bravado. It’s math. CEO Phong Le made the claim plainly: the company has no net debt, which means there’s no price level at which creditors could force the firm to dump its massive Bitcoin holdings. For a company sitting on more than 840,000 BTC, that’s the kind of statement that reshapes how the market thinks about institutional crypto exposure. The balance sheet that killed the liquidation narrative Strategy, still trading under the MSTR ticker it carried in its MicroStrategy days, has spent years fielding the same question from skeptics. What happens when Bitcoin drops hard enough to trigger a margin call? The answer, as of late August 2026, is: nothing. The company holds roughly $6.69 billion in dollar liquidity. That breaks down to a $5.1 billion USD reserve plus $1.59 billion in flexible cash. Its outstanding convertible debt sits at approximately $6.75 billion, meaning cash on hand nearly matches total debt obligations dollar for dollar. Net leverage is effectively zero. In practical terms, Strategy could service every liability on its books without selling a single satoshi. The convertible debt itself is str...