Core Viewpoint - The company asserts it can cover its $6 billion debt even if Bitcoin falls to $8,000, but questions arise regarding the implications of Bitcoin dropping below this level [1][2]. Group 1: Financial Resilience - The company claims it can withstand a Bitcoin price drop to $8,000 while still having sufficient assets to cover its debt obligations [2][6]. - At the $8,000 price point, the total value of the company's Bitcoin holdings would equal its net debt, indicating that equity would be zero, but it could still meet debt obligations without liquidating Bitcoin [4][5]. - The staggered maturities of convertible notes provide the company with flexibility and time to manage its financial situation, even in the event of a significant decline in Bitcoin prices [6][7]. Group 2: Stress Points and Risks - If Bitcoin falls below $8,000, particularly around $7,000, the company may face covenant breaches on secured loans backed by Bitcoin collateral, leading to demands for additional collateral or partial repayments [9]. - The $8,000 price is viewed as a theoretical "stress floor," and further declines could lead to intensified financial pressures [3][8].