According to The Kobeissi Letter, MicroStrategy (MSTR) holds approximately $8.2 billion in total debt, backed by $43.4 billion worth of Bitcoin. The company has a leverage ratio of about 19%. Most of this debt is in the form of convertible notes, with conversion prices below the current share price, and the majority of these notes do not mature until 2028. This positions MicroStrategy with a significant time buffer to manage its debt while potentially benefiting from Bitcoin's price movements.

According to The Kobeissi Letter, MicroStrategy has played a significant role in the polarization of its stock price, with $MSTR experiencing a decline of approximately 45% since its peak on November 20th. Despite this downturn, the company continues to invest heavily in Bitcoin, utilizing convertible note offerings to acquire tens of billions worth of the cryptocurrency. This strategy highlights MicroStrategy's commitment to Bitcoin, even amid market volatility.