I've owned for a long time. Are you asking what happens if they are forced to liquidate? When BTC went down to 15k they were trading slightly below the value of the treasury. Currently they are about 4x treasury (rough math). All of the convertible debt contracts are long term, so liquidation risk is pretty low.
Discussion
Explain me how liquidation risk is low
What happens if BTC drops -85% in 2026?
I'm not saying the risk is 0, but, we've seen them deal with aggressive draw downs already, and they manage them quite well. It probably has to do with saylor's relationship with the other side of the trade and liquidity.
The liquidation risk is low because he has paid off all the debt he owed. All the new debt being issued are converts, meaning it is paid off in equity.
Once the converts mature, new shares are issued, so the risk isn’t one of liquidation, but rather dilution.
The only real risk is that the price of MSTR goes down, there isn’t a real risk that he becomes a forced seller of bitcoin, unless there is some operational cost that can’t be covered but the overhead is ridiculously low for the values he’s managing.
Basically all of the risk is on the individuals buying the converts as the coupon is 0 and the reward is equity.