Strategy’s Bitcoin Gamble: Why It Won’t Go Bankrupt (Probably)

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Out in the sun-scorched plains of American enterprise, Strategy Inc plods along like a stubborn mule, its saddlebags heavy with Bitcoin. The market’s latest tantrum-Bitcoin’s 10% price drop-has left the company’s reserves looking a bit like a rain barrel in a drought. Yet, according to Arkham, the firm’s not about to pitch its crypto cargo overboard to pay the rent.

The Great Bitcoin Bet: Still No Signs of a Stampede

A year ago, Strategy’s CEO, Michael Saylor, swore up and down he could outlast any bear market. Turns out, he wasn’t lying. Arkham, that digital oracle of all things crypto, has weighed in with a report that confirms what we’ve all suspected: Strategy’s balance sheet is less “house on fire” and more “well-ventilated cabin.” The firm’s preferred stock and convertible notes? Just another day in the office for Saylor, who’s clearly mastered the art of juggling cash flows like a circus act in a hurricane.

Arkham’s analysts, in a tone somewhere between bemused and begrudging, noted that Saylor’s habit of selling shares to buy Bitcoin isn’t exactly a death sentence. “Saylor’s average price,” they wrote, “is about as relevant as a screen door on a submarine.” In other words, if the market keeps tanking, Saylor can just keep riding the underwater train for as long as the coupons on his convertible notes keep ticking.

“Saylor can remain underwater for as long as…”

– Arkham (@arkham), February 20, 2026

Right now, Strategy owes a cool $8 billion in convertible notes, but it’s got $2.5 billion in cash to wave like a flag at a bullfight. Arkham suggests converting those notes into MSTR stock or refinancing like it’s 2008 but with better hair. Selling Bitcoin? That’s the last resort, like burning the couch cushions for warmth.

Bitcoin: The Gold Standard of Modern Obsession

Peter Schiff and his golden-haired disciples have been howling about Strategy’s Bitcoin bets since the beginning of time, but Saylor’s answer is as simple as it is stubborn: more Bitcoin. Every week, like clockwork, the company announces another purchase, as if it’s some sacred ritual. Arkham, ever the realist, points out that Saylor remains the linchpin of this whole operation. If he stops selling shares, the cash spigot shuts off. But hey, at least he’s not buying a yacht.

With its current financial jujitsu, Strategy’s average price is about as important as your ex’s LinkedIn updates. As long as those convertible notes don’t mature faster than a Bitcoin bull run, Saylor and his merry band of crypto knights can keep riding this sinking ship like it’s the Titanic-minus the icebergs.

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2026-02-20 18:55