Just in general, @DarthCoin's Homo Fiatus meme says all you need to know. But if you really want the numbers:

1. Strategy is not an existential threat to Bitcoin.
   • No BTC-backed margin loan, no hard “liquidation price,” no mechanical wipeout event tied to a single price level.
   • Their balance sheet is still deeply BTC–asset positive: ~$61.9B in BTC vs $8.2B in debt ($11B including prefs).
2. They are a serious short–medium term price and narrative risk.
   • If they’re forced to sell a big chunk (hundreds of thousands of BTC), the market will puke hard: brutal volatility, scary headlines, fake “Bitcoin is dead (again)” narratives.
   • But the scale of their stack (~642k BTC) is comparable to flows the market already absorbs (815k BTC sold by long-term holders in 30 days; ETFs hold 1.32M+ BTC).
3. The real risk sits on Strategy’s capital stack, not on Bitcoin’s protocol.
   • Shareholders, bondholders, and preferreds eat the actual solvency/refinancing risk.
   • The network keeps hashing; nodes keep validating; rules don’t change.
4. Worst case for Bitcoin is painful but ultimately healthy.
   • Strategy blows up → their ~3.2% of supply gets redistributed over time from a visible corporate whale into many other hands.
   • Short term: deep drawdown + adoption FUD.
   • Long term: more decentralized ownership, less single-entity concentration, same 21M cap.