Strategy chief executive says bitcoin would need to fall to 8,000 to strain debt

Speaking during the company’s fourth-quarter results webinar, Le said that at roughly a 90% drop from recent levels, Strategy’s bitcoin reserve would be about equal to its net debt. He said that in that scenario the firm would not be able to repay convertibles using its bitcoin holdings and would instead consider options such as restructuring or raising capital through equity or additional debt.

The comments came as executives addressed the impact of bitcoin’s recent decline on Strategy’s financial statements. The company posted a net loss of $12.6 billion for the quarter, which executives attributed largely to unrealized losses under mark-to-market accounting as bitcoin ended the period below the firm’s average acquisition cost. Chief Financial Officer Andrew Kang said the quarter-end decline drove the reported results, while emphasizing the company’s long-term approach.

The webinar took place during a broader sell-off across crypto markets. Bitcoin was down about 9% over the prior 24 hours and traded around $64,833, while Strategy’s shares fell 17.12% to $106.9 and were down 72% over the past six months. Executive Chairman Michael Saylor urged investors to focus on longer-term fundamentals, including what he described as a more supportive U.S. regulatory backdrop.

Saylor also addressed quantum computing risks, calling them part of a recurring wave of negative narratives around bitcoin. He said a quantum threat is likely a decade or more away, and argued that quantum advances would pose challenges beyond crypto, including for finance and defense systems that rely on conventional cryptography. Saylor said bitcoin can be upgraded through global consensus and announced that Strategy plans to launch a Bitcoin Security program to coordinate with cyber, crypto and bitcoin security communities.

As GNcrypto wrote on 4 December 2025, CryptoQuant said Strategy built a $1.44 billion dollar reserve intended to cover fiat dividends on preferred shares and interest on debt for the next few years, reducing the risk of forced bitcoin sales in a deep drawdown. The report also noted Strategy’s bitcoin purchases had slowed sharply by late 2025 compared with peak accumulation in 2024.