Bitcoin treasury company Strategy (MSTR) has captured headlines once again, retaining its place in the prestigious Nasdaq 100 index despite a significant 47% decline in share price over the last three months. However, all eyes are now on the year 2028, which experts have dubbed the company’s ‘make-or-break’ moment.
Why 2028 is Crucial
A recent analysis by blockchain research firm Tiger Research highlights a critical challenge facing Strategy. With $6.4 billion worth of call options tied to convertible bonds maturing in 2028, the company must find a way to meet these demands. If refinancing fails, Strategy could be forced to sell approximately 71,000 bitcoins—roughly 20-30% of the cryptocurrency’s daily trading volume. Such a move could send shockwaves through the Bitcoin market, potentially triggering a downward spiral.
So, why is this so concerning? While Strategy’s aggressive bitcoin accumulation has made it a market whale, most of its raised capital has been used to purchase Bitcoin instead of cash-producing assets. This leaves the company with limited liquidity to fulfill its obligations when investors request early repayment.
Rising Bankruptcy Threshold
The report by Tiger Research also reveals that the static bankruptcy threshold for Strategy now stands at $23,000 per Bitcoin—a whopping 73% decline from today’s prices (as of 2025). This threshold has been steadily rising, surging from $12,000 in 2023 to $18,000 in 2024, driven by debt outpacing Bitcoin accumulation.
Strategy’s Influential Role in the Market
Strategy has become a trailblazer in the corporate Bitcoin treasury model since 2020, inspiring numerous companies across the globe to follow suit. With Bitcoin prices driving Strategy’s financial decisions, the company’s share price volatility is now under intense scrutiny. Even though Strategy narrowly avoided removal from the Nasdaq 100 index during its latest rebalancing, the company’s position faces another test this January, when MSCI will review its inclusion.
Products That Empower Bitcoin Investors
For those inspired by Strategy’s long-term Bitcoin confidence, proper storage and tracking tools are essential. For example, the Ledger Nano X hardware wallet offers secure offline Bitcoin storage for both individuals and institutional investors. Its Bluetooth-enabled, user-friendly design ensures your digital assets remain safe while on the go.
While the year 2028 looms over Strategy’s future, its impact on the Bitcoin market and its legacy as a corporate Bitcoin pioneer remain undeniable.
