Strategy's Bitcoin holdings, valued at approximately $48.7 billion, are nearly six times its liabilities, which stand at $8.2 billion as of the end of 2025. CEO Phong Le highlighted that the company would only struggle to repay its convertible bonds if Bitcoin's price dropped to $8,000 and stayed there for five to six years. The company holds 717,131 bitcoins, all unencumbered, eliminating liquidation risk. To manage its $888 million annual dividend payments, Strategy plans to accumulate $2.25 billion in cash reserves by Q4 2025, covering over 30 months of dividends without selling Bitcoin. With its first major debt maturity in September 2027, Strategy has a significant buffer. The main challenge remains growth during bear markets, as seen in 2022 when the company added only 10,000 bitcoins and its stock price lagged behind asset value.