Strategy Inc. (Nasdaq: MSTR) said Bitcoin would need to fall 83% from current levels before STRC reached a 1x BTC Rating, corresponding to a modeled threshold of $13,136. BTC Rating is an illustrative internal metric comparing the value of Strategy’s Bitcoin reserve with the notional debt and preferred-stock claims counted for each security; it is not an external credit rating, liquidity measure or key performance indicator. The company’s Sept. 1 chart showed thresholds of $1,519 for STRF, $13,136 for STRC, $14,198 for STRE, $15,857 for STRK and $17,517 for STRD, while debt reached 1x at zero under the displayed model. The calculation does not indicate that STRC would default, stop paying dividends or trade at a particular price at its threshold, and it excludes potential cross-defaults and possible differences between preferred-stock notional values and liquidation preferences. Strategy held 845,050 BTC and $6.71 billion in dollar assets as of Aug. 30. An Aug. 31 disclosure reported a $152 million STRC repurchase and a $30 million allocation to USD Cash, taking that balance to $1.61 billion. Strategy had raised STRC’s annual dividend rate to 12% and set a corporate objective of keeping the security near its $100 stated amount. Its latest Bitcoin purchase added 4,603 BTC for approximately $369.7 million at an average price of $80,318 per coin, after which the company reported zero net leverage. The broader Digital Credit Capital Framework covers preferred-stock dividends, repurchases, dollar reserves and potential Bitcoin sales. Strategy presents Bitcoin, digital credit and common equity as connected parts of its capital model, while its position that Bitcoin operations are an active business is central to a dispute with MSCI over a proposed index eligibility test. The MSCI consultation closes Sept. 30, with a decision expected by Oct. 16.