Strategy has expanded its public Bitcoin credit framework with a dashboard that shows the price levels at which individual debt and preferred securities would become undercollateralized, giving investors a more granular view of how its Bitcoin-backed balance sheet holds up as the cryptocurrency trades near $64,000. Michael Saylor said the Bitcoin Credit Model is designed to track the impact of the company's capital-markets actions, while the company described it as a new benchmark for Bitcoin price metrics. At a Bitcoin price near $64,000, the model values Strategy's reserve at $53.85 billion and says only a 3.22% annualized Bitcoin return would be needed to meet obligations, versus a 10% annual return reference case. The dashboard classifies instruments as Investment Grade, High Yield or Distressed, and assigns each a BTC Floor price, or the Bitcoin level below which reserve backing no longer covers what is owed. The figures show wide variation across Strategy's capital stack. The 2028 convertible note has 173.5x Bitcoin coverage and would not become undercollateralized unless Bitcoin fell by more than 99% from current levels, while the 2032 tranche has 26.1x coverage and a BTC floor of $2,456. Among preferred shares, STRF shows 16.1x coverage, a BTC floor of $3,983 and a 9-basis-point spread that places it in the model's investment-grade tier, while STRD has 3.1x coverage, a BTC floor of $20,587 and a 173-basis-point spread that puts it in the high-yield category. The disclosure comes after Strategy reported an $8.22 billion net loss in the second quarter, largely due to unrealized losses on its Bitcoin holdings, and after the company sold 1,690 Bitcoin between Aug. 3 and Aug. 9 at an average price of $64,262 to raise about $108.6 million for preferred stock buybacks. CEO Phong Le said the sales were part of a deliberate balance-sheet strategy rather than a sign of distress, noting that Strategy has bought about 175,000 Bitcoin year-to-date against roughly 7,000 sold, increased dollar reserves to $4.75 billion from around $800 million, and maintained a leverage ratio of 4% with about 2.7 years of runway for dividend payments.