Michael Saylor’s $13,400 Bitcoin floor exposes the exact order of losses inside Strategy’s debt stack

Analysis of MicroStrategy’s balance sheet shows a Bitcoin price of about $13,400 is the breakpoint where equity is exhausted and losses begin cascading into the company’s creditors. The modeled waterfall places convertible-note holders as the first debt tranche to take losses, followed by senior and secured creditors, exposing the exact order of capital impairment. The implication for Bitcoin is that concentrated corporate leverage can channel and amplify price declines into forced selling and counterparty stress, heightening downside volatility and contagion risk.