Michael Saylor’s $13,400 Bitcoin floor exposes the exact order of losses inside Strategy’s debt stack

According to CryptoSlate, Strategy is marketing a roughly $13,400 "BTC Floor" for STRC, its variable-rate cumulative perpetual preferred stock. An SEC-filed briefing defines this as the Bitcoin price where Strategy’s illustrative STRC coverage ratio reaches 1.0x, offering no direct claim on the company's Bitcoin or solvency guarantees. STRC closed at $97.33 on August 28, yielding an effective 12.33% at a $12 annualized dividend.

CryptoSlate notes that the dashboard used an August 21 price of $96.18 and listed a 12.48% yield, $9.972 billion notional, and an unrounded floor of $13,415. The rating divides Strategy’s Bitcoin reserve value by a covered-notional denominator. Strategy’s denominator combines debt, USD assets, senior STRF, and STRC. Depleting USD assets without reducing debt or preferred notional could lift the modeled threshold significantly. Furthermore, CryptoSlate highlights that MSTR dilution, dividend timing, and legal priority dictate how stress is absorbed, with creditors and senior claims ranking ahead of STRC, while MSTR common ranks behind it.