MicroStrategy (MSTR) is approaching breakeven on its Bitcoin investments as the cryptocurrency's price declines, with a significant financial test looming in 2027. The company faces a potential challenge on September 15, 2027, when holders of $1 billion in convertible senior notes will have their first put option. This could require MicroStrategy to raise capital or liquidate assets if its share price remains below the conversion price of $183.19. Despite Bitcoin's recent dip below $74,400, a level that would put MicroStrategy's Bitcoin holdings in the red, the firm is not currently at risk of a margin call. The company has funded its Bitcoin purchases primarily through perpetual preferred stock in 2025, while using ATM common share issuance to cover preferred dividend obligations.