MicroStrategy has reassured lenders that its substantial Bitcoin reserves, totaling approximately 650,000 coins and valued at over $5.7 billion, are sufficient to cover its convertible bonds. The company maintains a 2x debt coverage ratio, even if Bitcoin's price falls to $25,000 per coin. Despite facing a declining stock price and removal from the S&P 500 index, MicroStrategy remains confident in its strategy. The company has experienced a $5.4 billion outflow in the third quarter, leading to its market capitalization falling below the value of its Bitcoin holdings for the first time in five years. Institutional investors are increasingly shifting towards Bitcoin ETFs, adding pressure to the firm's financial standing.