TechFlow reports, July 16, according to CoinDesk, MicroStrategy CEO Phong Le stated that unless the Bitcoin price falls to the $8,000 to $10,000 range, the company feels "very safe" about its balance sheet. Based on the current Bitcoin price of approximately $64,500, this decline represents about 85%.
Le emphasized that increasing USD reserves is an important lever to drive the company's preferred stock STRC back to around $90. STRC is designed to maintain a $100 par value, but broke below this level in April, once dropping below $75 in late June; when the stock price is below $100, it limits the company's ability to issue new shares to purchase Bitcoin. MSTR closed down nearly 6% to $97.58 on Tuesday, down about 36% year-to-date.
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