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.