Bitcoin Treasury Stress Test

Every leveraged Bitcoin treasury has a ruin price: the BTC price at which its liabilities (debt + preferred stock) exceed its assets (cash + Bitcoin). The formula is simple — ruin price = (liabilities − cash) ÷ BTC held — and the distance between today's price and that level is each company's margin of safety.

CompanyTickerLiabilitiesCashRuin priceMargin of safetyStatus

StrategyMSTR$11.20B$60.0M$14,525-78%Healthy

Twenty One CapitalXXI$0$200.0M——Healthy

Metaplanet3350.T$50.0M$100.0M——Healthy

MARA HoldingsMARA$750.0M$300.0M$11,631-82%Healthy

Bitcoin Standard TreasuryCEP$0$300.0M——Healthy

BullishBULL$0$500.0M——Healthy

Riot PlatformsRIOT$400.0M$400.0M——Healthy

CleanSparkCLSK$200.0M$90.0M$8,140-88%Healthy

Semler ScientificSMLR$100.0M$10.0M$17,925-73%Healthy

Capital BALCPB.PA$30.0M$20.0M$5,405-92%Healthy

Model: ruin price = (debt + preferreds − cash) ÷ BTC held · margin of safety = distance from the current BTC price to the ruin price · balance-sheet data from public filings · BTC price and holdings updated 2026-06-15

Interactive simulator

Drag the BTC price and watch solvency, NAV per share and stock estimates react for every company. The interactive tool is currently available in Spanish.

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Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.