Matrixport Says Corporate Bitcoin Giant Faces No Immediate Risk of Forced Liquidation
The latest downturn in the crypto market has renewed scrutiny of corporate Bitcoin treasury models, but new research indicates that Strategy — the world’s largest corporate holder of Bitcoin — may be far more resilient than critics suggest. A fresh analysis from Matrixport argues that there is no near-term risk of the company being forced to liquidate its Bitcoin reserves to service debt, despite recent turbulence.
Matrixport: No Threat to Treasury Stability
Matrixport’s analysts noted that while Bitcoin’s sharp pullback raised concerns about the durability of heavily levered corporate BTC strategies, the real pressure is falling elsewhere.
According to the report, the most significant impact of the latest correction is on shareholders who bought Strategy stock at inflated valuations, particularly during the period when the company traded at a deeply elevated net asset value (NAV) premium.
Strategy’s share price has slipped from a high of $474 to around $207, but researchers say this pullback does not meaningfully change the firm’s long-term outlook.
“When mapped against Bitcoin’s price action, the stock now appears relatively discounted, and the possibility of an S&P 500 inclusion in 2025 remains intact,” Matrixport wrote.
Analysts See Inclusion Probability Rising
Market intelligence groups tracking major index adjustments believe Strategy remains a strong contender for entry.
A recent assessment from another research firm projected a 70% chance of Strategy joining the S&P 500 during the next review window.
“Investors should view this as a reminder of how crucial timing and valuation are when navigating BTC-aligned equities,” one analyst said.
The company recently received a “B-” credit rating from S&P Global — a speculative grade — marking the first time a Bitcoin-centric treasury corporation has been evaluated using traditional credit metrics.
Smaller Digital Asset Treasuries Feeling the Strain
While Strategy appears stable, pressure is mounting on smaller firms whose market net asset value (mNAV) metrics have fallen below sustainable thresholds.
An mNAV below 1 limits their ability to raise fresh capital to expand digital asset holdings, leaving many treasuries exposed.
Companies including Bitmine, Metaplanet, Sharplink Gaming, Upexi and DeFi Development Corp have all experienced mNAV compression amid the market-wide decline.
Strategy Continues Accumulation Despite Volatility
Despite recent volatility, Strategy’s leadership remains unfazed.
“The company is engineered to withstand an 80–90% Bitcoin drawdown and continue operating without structural risk,” the executive chairman said during a televised interview.
The firm doubled down on its long-term thesis this week, acquiring 8,178 BTC worth approximately $835 million, marking one of its largest single-month accumulations of the year.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.