According to Bitcoin analyst Willy Woo, Strategy (MSTR) is unlikely to be forced to sell its Bitcoin in the next major market downturn. Strategy holds about 641,205 Bitcoin, a stake worth roughly $64 billion at current prices, according to Saylor Tracker.

Convertible Debt Gives Flexibility

Strategy’s debt is mostly in convertible senior notes that carry a holder put right dated Sept. 15, 2027. Based on Woo’s calculations, Strategy would need its stock to trade above $183 around that date to avoid selling Bitcoin to meet obligations.

That stock level lines up with a Bitcoin price near $91,502, assuming a multiple net-asset-value (mNAV) of 1. The company can settle conversions with cash, common stock, or a mix of both, and that choice gives management breathing room when markets wobbl

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