Andy Constan: Strategy debt tied to 843,000 BTC, bankruptcy risk if BTC below 7960

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Strategy risk if BTC falls below 7960

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Daria Chernytska

05.06.2026

Andy Constan: Strategy debt tied to 843,000 BTC, bankruptcy risk if BTC below 7960 — Strategy risk if BTC falls below 7960

Andy Constan, founder / strategist at Damped Spring Macro, outlines that Strategy currently holds a total notional debt obligation of $6.7 billion and owns 843,000 BTC.

Constan explains that Strategy would only face risk of being forced into bankruptcy if BTC traded below 7960. He also adds that the company has several options available even in an extreme bear case for BTC before being required to liquidate its BTC holdings.

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Constan has previously highlighted challenges for investors holding long BTC and MicroStrategy positions during a sharp downturn, questioning risk management metrics in that environment (article). He has also commented on share issuance practices at major firms, noting that debates on Goog’s equity raises often overlook routine employee distributions (article). These observations add context to his recent assessment of Strategy’s bitcoin-linked debt exposure.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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