The highest floating profit of Micro Strategy exceeded 33 billion US dollars, falling below 60000 US dollars this morning, indicating that Micro Strategy is facing a book floating loss of over 11.4 billion US dollars. Many people are curious about how they survived the last bear market? Will this bear market sell out? Firstly, let's review that the holding cost of the previous micro strategy was $30000. The reason why it was able to successfully navigate the bear market in 2022 and 2023 is because it is different from leveraged cryptocurrency trading and focuses on long-term debt financing. The majority of the debt ($2.2 billion) is unsecured convertible bonds, which can mature over the period of 2025-2028. The most dangerous moment was when a $200 million mortgage fell below $21000, triggering a margin call. However, at that time, Micro Strategy had 130000 bitcoins, which could raise the liquidation line to $3561. This round, based on their financial report: Total holdings: 713502 BTC (total cost $54.26 billion) Average cost: $76052 Core debt: Convertible bonds of $8.21 billion Preferred stock: $8.39 billion Total leverage scale: $16.6 billion USD Cash reserves: $225 million In 2025, $25.3 billion was raised through the issuance of additional shares (ATM issuance) without the need for principal and interest repayment. From a data perspective, micro strategies have almost no risk of liquidation 1. At present, the cash in the hands of Micro Strategy is sufficient to pay the current debt interest and preferred stock dividends for 30 months (2.5 years). 2. 710000 BTC without collateral will not pose the risk of forced liquidation as in the previous round 3. The maturity date is far away, and the latest large-scale debt will not be due until the third quarter of 2027. Before 2027, no matter how much the coin price drops, Micro Strategy has no legal obligation to repay the principal. But the biggest problem at present is that although there is no liquidation risk, due to the disappearance of premiums, micro strategies cannot continue to raise funds and buy coins through ATM, interrupting compound interest growth. The debt is due in 2027, and if Bitcoin is below $76000, Micro Strategy will not be able to issue new bonds to repay old debts for turnover. At that time, it may be possible to sell a small amount of Bitcoin for turnover or repay debts through large-scale issuance of junk bonds, but whether anyone will buy it is a question.