Does Bitcoin falling to $80,000 break Strategy's model? Authors: Ekko an, Ryan Yoon Source: Tiger Research Translation: Shan Ouba, Golden Finance As Bitcoin prices decline, market attention shifts to DAT company, which holds a large amount of Bitcoin, with Strategy being one of the most prominent companies. The key question is how the company accumulates assets and manages risks amid increased market fluctuations. Key points summary • Strategy's static bankruptcy threshold is expected to be around $23,000 in 2025, nearly double the $12,000 in 2023. • The company will diversify its financing model in 2024 from simple cash and small Convertible Bonds to a mix of Convertible Bonds, preferred stocks, and ATM issuance. • The call options held by investors allow them to redeem early before expiration. If Bitcoin prices fall, investors are likely to act.