What caught my attention with Strategy isn't just the 845,050 bitcoin:native on the balance sheet. It's how far the capital structure would have to deteriorate before its own BTC Rating gets stressed. Strategy's model puts the bitcoin:native level for STRC to reach a 1x BTC Rating at around $13,136 — roughly an 83% decline from current levels. That isn't a credit rating or a liquidation price. It's an internal coverage metric. At the same time, Strategy just added another 4,603 bitcoin:native at an average $80,318, bringing holdings to 845,050 BTC. It also repurchased $151.8M of STRC and ended August with $1.61B in USD Cash. The interesting part for me is the structure: Strategy is simultaneously managing BTC exposure, preferred-stock liabilities and its cash reserve. So I wouldn't look at the $13K figure as a BTC price target. I'd look at it as a window into how Strategy currently measures the resilience of its capital stack. Personal view only. Not financial advice.