Strategy's Bitcoin balance sheet remains robust despite Bitcoin trading below its average acquisition price, leading to significant unrealized losses. The company's financial structure, characterized by long-dated, mostly unsecured debt, limits the risk of forced liquidation during Bitcoin downturns. With over $2 billion in liquidity reserves, Strategy can cover its obligations for several years without needing to sell Bitcoin. The market's concern over unrealized losses is more psychological than structural, as Strategy's debt composition and liquidity position provide a strong buffer. The company has historically weathered similar price declines without selling Bitcoin or facing forced actions, as it does not use Bitcoin as collateral. The maturity timeline of its debt, extending between 2028 and 2032, further supports its strategic flexibility, allowing it to manage obligations without immediate asset sales.